Ethiopia has recorded significant economic progress over the past nine months

Addis Ababa, 9 April 2017
Ethiopia has recorded significant economic progress over the past nine months, driven by comprehensive macroeconomic reforms. Despite both internal and external challenges, the country is projecting an 8.4% economic growth rate for the current fiscal year, according to the Government Communication Service (GCS).

In a performance review held today, the GCS attributed the economic gains to a series of structural and policy reforms implemented across various sectors. The third-quarter government performance report highlighted notable advancements in multiple areas.

Mr. Kebede Desisa, State Minister for Public Relations and Institutional Coordination, emphasized the country’s ability to maintain stability and achieve economic growth despite external pressures and domestic challenges. He noted that the reforms have significantly strengthened the national economy and enhanced overall prosperity. Among the key measures, he pointed to market-oriented monetary policies aimed at improving the financial sector.

Mr. Tesfahun Gobezay, State Minister for Media Relations, Monitoring, and Information Organization, presented a detailed report on macroeconomic and sectoral performance. He stated that, despite global economic fluctuations, Ethiopia has made substantial progress in key sectors.

Achievements include increased foreign exchange reserves, record-high reserve fund levels, a surge in foreign direct investment, expanded industrial production capacity, and improvements in socio-economic infrastructure. These developments have collectively enhanced the country’s import and export capabilities.

In the agricultural sector, high production levels have helped ensure food sovereignty and significantly contributed to the national economy. The service and tourism sectors have also shown strong recovery, thanks to the continued implementation of macroeconomic reforms. Ethiopian Airlines was specifically commended for its vital role in supporting the growth of tourism.

Additionally, the Digital Ethiopia initiative has achieved major milestones. Increased access to technology through Ethio-Telecom and advancements in banking services have streamlined the financial system and fostered a more conducive environment for economic activity.

Overall, the macroeconomic reforms implemented during the current fiscal year have laid the foundation for a projected 8.4% economic growth rate, reflecting the resilience and potential of Ethiopia’s economy.