Ethiopia eyes 8.3 pct economic growth for next fiscal year

  • World
  • Wednesday, 26 Jun 2024

ADDIS ABABA, June 25 (Xinhua) -- The Ethiopian government has announced an 8.3 percent economic growth target for the next fiscal year, amid positive prospects in the agricultural, manufacturing, mining and other major economic sectors.

Ethiopian Minister of Planning and Development Fitsum Assefa said the East African country anticipates an 8.3 percent economic growth for the next 2024/25 Ethiopian fiscal year that starts on July 8. She said the projected target puts into consideration the country's current economic capacity and future potentials in line with recent policy and budgetary reforms, state-run Ethiopian News Agency quoted Assefa as saying on Monday.

Noting positive macroeconomic sector performances over the past 10 months, Assefa said economic indicators suggest the country's economy is on track to achieve the projected 7.9 percent growth rate for the current Ethiopian fiscal year.

Current positive performances and future prospects in the East African country's major economic sectors, such as the agriculture, manufacturing, mining and services, are said to be the major enabling factors for the realization of this year's economic growth target as well as the projected 8.3 percent economic growth target for the next fiscal year.

According to the World Bank, Ethiopia, with about 126.5 million people, is the second most populous nation in Africa after Nigeria and one of the fastest-growing economies in the region, with a 7.2 percent growth during the previous Ethiopian fiscal year (2022/2023).

Despite consistently high economic growth over the last decade, Ethiopia remains one of the poorest countries, according to the World Bank. The country aims to reach lower-middle-income status by 2025.

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