Views Article – Sharenet Wealth

Africa, News

Ethiopia GDP forecast to grow 10.8% in 2019/20 -central bank

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 said.

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 economies.

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

© 2019 Thomson Reuters. All rights reserved. Reuters content is the intellectual property of Thomson Reuters or its third party content providers. Any copying, republication or redistribution of Reuters content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. Thomson Reuters shall not be liable for any errors or delays in content, or for any actions taken in reliance thereon. "Reuters" and the Reuters Logo are trademarks of Thomson Reuters and its affiliated companies.
Array ( [0] => stdClass Object ( [id] => 1302171 [url] => OZABS-UK-ETHIOPIA-ECONOMY [image] => 2020-01-28T145145Z_1_LYNXMPEG0R1DI-OZABS_RTROPTP_1_OZABS-UK-ETHIOPIA-ECONOMY.JPG [image2] => 2020-01-28T145145Z_1_LYNXMPEG0R1DI-OZABS_RTROPTP_3_OZABS-UK-ETHIOPIA-ECONOMY.JPG [image_caption] => Workers sew clothes inside the Indochine Apparel PLC textile factory in Hawassa Industrial Park in Southern Nations, Nationalities and Peoples region [date] => 2020-01-28 [tdate] => 2020-01-28 15:00:03 ) )