Ethiopia expects 10% economic growth this fiscal year
June 8, 2009 (ADDIS ABABA) — Despite the difficulties of the international financial crises, Ethiopia’s finance minister said that nation will register 10 percent economic growth in the current fiscal year, a slight slip from last year’s 11.6 percent growth.
“We expect strong growth this year. Our estimate is around 10 percent” state finance minister Sofian Ahmed on Sunday told reporters in Cairo, on the sidelines of an African finance conference.
Agriculture is Ethiopia’s backbone for growth but it is highly dependent on the performance of Annual rainfall.
“We had good harvest and good raining season for this year” Sofian said adding “the economy is expected to expand to more than 8% beginning July”
“Next year we will definitely register above 8% of economic growth” he added.
The horn of Africa’s nation, in the past five years has been registering an average 11.2 percent economic growth.
Recently World Bank economists publicly challenged Ethiopia’s claimed to register double digit economic growth for this year; instead they projected levels to be not more than 6.5%.
The Ethiopian official stressed the need for foreign aid to the country to confront the financial crisis and to help farmers import necessary capital goods.
Recently, the international monetary fund said that it is considering to grant Ethiopia a credit sum of $250 million in the next few weeks to help the country cope up global recession.
“Our weakest link is in the foreign exchange,” Sofian said.” all those growers require huge imports for capital goods. So we need external assistance in the form of foreign currencies.”
According to the Ethiopia minister inflation of the country may ease to between 8 to 9 percent in the fiscal year, from the current rate which stands at around 20 percent. He said inflation would probably ease to around 15 percent in the current fiscal year through June.
(ST)
Jabeessa
Ethiopia expects 10% economic growth this fiscal year
Really? We expect downturn, rampant poverty, above all with world’s economic turmoil, we axpect decrease in economic growth from previously recorded growth rate (if indeed that was a real growth). On the other hand they expect economic growth with at least 10% this year. What a heartlessly madness?
Our leadrs tell us that we are going to join developed countries very soon. They preach us that we are becoming the first fastly growing country even on the world. They leave no ston unturned to convince us on this issue.
Mr. minister has said no new thing except what we have been hearing (but sick of hearing) for the last 18 years or so. What significant effect the last development has brought to the lives of poor? Honestly, speaking we the poor are neglected. Even this year alone it has been estimated by the same government that many millions of peaoples are inneed of emmergency food aid. But, the so called minister tells us that this year “…we are having a good and promissing harvest which will back our estimated economic growth.” What a laughable trivial talk?
Addis Ababa the capital and some more cities in the country wittness teh real cruch of the economy. In Addis alone, kebeles are an excellent witness for our downfall. What an economic growth we talk where citizens are still look for aid? What a moral ground we have to talk about Ethihopia’s economic growith on international arena when we are facing shortages and hunger?
I think the said growth is on the head (not even in the mind) of the ministers who regard themselves like a guru who know all things at once. Shame on them.
Take for example current energy cricis in the coutry. If our economy is as such growing, why on earth we face such a crises? Why we are under energy rationing? Has the minister realized this fact before turning the page of his note book to tell the people that we are growing? Better he did.
Let us speak truth and be praised or condemned. It doesn’t mean something, but it does mean telling the truth. Our minister shhould have told us…the world…at large the truth.
josh dougllas
statistics oriented government peoples hatred towards EPRDF Government go to the marrow of our bones
facts are stubborn things. no one except those power monger of EPRDF hide the real situation in Ethiopia. peoples are starved, there is no democracy in practice but only in government pro-medias, no development, zilch judiciary independence. the incumbent government is reporting full of lies and media loving one. EPRDF risks the dear life of Ethiopian peoples sometime i feel Armageddon has come and doomsday. Govt usally attached itself with statistics to distract the real information. time is rip to topple down this cannibal govt.
GOD BLESS ETHIOPIA AND PEOPLE AND LIFT US FROM THIS PREDICAMENT.
josh