Ethiopia has demonstrated strong economic performance in key macroeconomic sectors over the past ten months, indicating a potential achievement of its 7.9 per cent growth target for the current fiscal year. This positive trend was reported by ENA.
Minister of Planning and Development, Fitsum Assefa, highlighted that the country attracted US$3.2 billion in foreign direct investment during the past 10 months, marking a significant 14.3 per cent increase compared to the previous year. This influx of investment bodes well for Ethiopia’s economic prospects.
Furthermore, Assefa noted a 14 per cent reduction in the state budget deficit since the same period last year. This reduction in deficit indicates improved fiscal management and stability within the economy.
In addition, the economy has created employment opportunities for over 300,000 Ethiopians working abroad and 2.5 million citizens within the country. This job creation effort is crucial for stimulating economic growth and reducing unemployment rates.
These developments underscore the positive trajectory of Ethiopia’s economy and its potential for sustainable growth in the coming years. The influx of foreign direct investment, reduction in budget deficit, and job creation efforts all contribute to a favorable economic outlook for the nation.
Historically, Ethiopia has experienced economic challenges but has made significant strides in recent years to promote economic growth and development. These current positive indicators point towards a promising future for the country’s economy.
