Second homegrown economic reform vital to address major macroeconomic problems: PM Abiy

Addis Ababa, July 6, 2023 (FBC) – Explaining the government’s performance report for the 2015 fiscal year (Ethiopian Calendar) during the 28th regular meeting of the House of People’s Representatives, Prime Minister Abiy Ahmed stated that the second home grown economic reform is instrumental in addressing major macroeconomic problems including inflation and budget deficit.

Regarding the economic growth, the Prime said: “Current global economy is suspended between hope and crisis. IMF forecasts a decrease in the global economic growth. It is within this context that Ethiopia’s economy needs to be reviewed.”

Just like wheat, rice is another cereal crop that we will make remarkable progress in the sector, the Prime Minister said adding that poultry farming at the household level and fruit farming is showing considerable growth, “hence why we expect the agriculture sector to grow by 6.3%,”

The Prime Minister explained that Ethiopia’s economy is projected to grow by  7.5pct in the upcoming fiscal year, adding that the agriculture, industry and service sectors have seen remarkable improvements during the concluded budget year.

The Premier stressed that the Government is doing everything in its capacity to ameliorate the condition to realize the projected economic growth rate.