ADDIS ABABA, Jan 7 (Reuters) – Ethiopia’s economy is
expected to grow at a faster pace in its 2019/20 fiscal year
from the previous year, helped by improvements in its financial
sector, its central bank said.
The economy is expected to expand by 10.8% in the fiscal
year to July 8, up from 9% in the previous year, the bank said
in its 2018/19 annual report seen by Reuters on Tuesday.
“The economic prospects for 2019/20 are envisaged to be
positive despite some down side risks related to export
commodity price shocks and temporary inflation pressure,” it
The bank said a raft of economic reforms launched recently
were expected to lead to a more vibrant financial system.
Ethiopia’s Prime Minister Abiy Ahmed, who took office in
2018, has launched an ambitious economic reform drive aimed at
opening up one of Africa’s fastest-growing but most closed
It has started the process of privatising its telecoms,
banking and sugar sectors.
Inflation stood at 19.5% year-on-year in December from 20.8%
a month earlier.
(Reporting by Dawit Endeshaw; Writing by George Obulutsa;
Editing by Lisa Shumaker)
Workers sew clothes inside the Indochine Apparel PLC textile factory in Hawassa Industrial Park in Southern Nations, Nationalities and Peoples region
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