Ethiopia’s economy will expand by 7.5% : PM Abiy

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Prime Minister Abiy Ahmed (PhD) said Tuesday that Ethiopia’s economic growth is expected to expand by 7.5% in the 2022/23 fiscal year.

He responded to Members of Parliament (MPs) that the projection shows 1.1% point improvement in economic growth rate registered the previous year.

Prime Minister Abiy said: “Ethiopia’s economy held up under pressure and reached $127.6 billion demonstrating that our economy is unbreakable in front of shocks and will continue to grow.”

“The per capita income reached $1,212. According to the World Bank, the economy has risen to first in East Africa and third in Sub-Saharan Africa,” the PM noted.

The government will build on the economic growth registered last year, said Prime Minister Abiy.

The Gross Domestic Production (GDP) increased by 6.4% in last Ethiopian fiscal year of 2021/22, he said. “Our goal for this year is 7.5 % growth,” Abiy said.

Pertaining to inflation Ethiopia has been struggling with double-digit inflation.

Prime Minister Abiy however says the inflation rate is decreasing. For the past four months, he said that inflation has been declining “as a result of the measures implemented.”

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