Ethiopian Economic Growth has been positive despite natural and man made challenges that faced the country : the National Macro-Economic Committee. It sees possibility for better days to the Ethiopian Economy
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Ethiopian government has been undertaking a law enforcement operation in the Tigray region of Ethiopia after Tigray People’s Liberation Front (TPLF) attacked the National Army on November 4, 2021.
What was making news, on the part of government media, since then was first the war, which some see as imposed one, and then managing the humanitarian crisis after the war.
Now the economy seems to be making news albeit it is happening after talks and conversation about the sixth general election – which does not seem to capture the attention of most Ethiopia to the point that the National Electoral Board had to bring the issue of low voter registration to the limelight.
On Friday, the National Macro-Economic Committee released a statement following a meeting with Prime Minister Abiy.
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It highlighted the state of the Ethiopian economy, the challenges it was and is facing and what the government is intending to address economic concerns.
While noting that Ethiopia has been enjoying economic growth for several years, the committee characterized it as problematic due to the way through which the economic growth attained was “unhealthy.” It was manifested in low economic productivity and that citizens were not benefitting from it, according to the statement.
It also talked about natural and man made challenges that impacted the economy severely. The Coronavirus disease, desert locust and war with what it called “chauvinist forces” – among other factors.
However, it was said that the debt burden is eased and the economy is no longer stuck due to chronic foreign currency shortages.
The committee also made positive assessment in terms of addressing mega projects ( like the Grand Ethiopian Renaissance Dam and Mega Sugar Factory) that were stalled due to managerial problems, among others, and they are now near completion. However, says the committee, that will not lead Ethiopia to “prosperity.” Developing the tourism sector further and modernizing the agricultural sector are seen as crucially important.
Another positive assessment reflected in the statement from the committee is that saving the country grew significantly. So too is export trade which is said to have reached $2 billion in ten months.
The government seems to talk, in no uncertain terms, and that may sound like election time rhetorical rituals, that the indigenous economic reform policy will usher Ethiopia into “Prosperity.”
However, it admitted that inflation and price hikes for consumer goods continued to be a problem – and the government linked them to international and domestic challenges. To alleviate the problem, says the statement, the government is facilitating for investors to import basic commodities to control price increases.
It also said that the government will take further measures that it wants Ethiopians to support them and stand together at a time when Ethiopia is faced with internal and external enemies.
The measures it is going to take are unclear. There has been a talk about selling national assets which met with resistance from some prominent economists in the country.
The Ethiopian opposition has not yet reacted to the call. The issue of enforcing law and order is likely to continue to cost the government support base as seen from the week-long demonstrations in the Amhara region.
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Topic : Ethiopian Economic Growth
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