Ethiopia has registered 6.2 percent average growth during the last three years, Planning and Development Minister Fitsum Assefa disclosed.
Evaluation of the government’s nine months performance was conducted in the presence of Prime Minister Abiy Ahmed.
Speaking on the occasion, the minister presented the performance of the implementation of the first phase of the homegrown economic reform program, and the preparation of the second phase.
The second phase homegrown economic reform program from 2024 to 2026 is readied, she added.
According to the minster, Ethiopia is the third largest economy in sub-Saharan Africa and its population will create great potential for economic transformation.
She pointed out that the government has been successful in implementing the first phase of the 10-year perspective development plan during the past three years.
Despite natural and man-made challenges, Ethiopia’s economy has doubled when compared to the average growth rate of 3.1 percent in sub-Saharan African countries, the minister said.
Fitsum noted that the homegrown economic reform program has been facing major challenges such as COVD-19, drought, Russia-Ukraine war and the withdrawal of support from development partners.
However, she pointed out that due to the measures taken by the government an average growth of 6.2 percent has been recorded in the last three years.
The minister explained that progress has been made in many areas, especially in agriculture, services and manufacturing.
In second phase of the homegrown economic reform program, four key pillars that focus on building a stable macro-economy, creating a favorable investment and business environment have been identified.
The homegrown economic reform program will also focus mainly on accelerating structural transformation of the economy, enhancing investment and savings, and stabilizing inflation and cost of living.
Source: Ethiopian News Agency