Reports of a number of ministerial offices have revealed that Ethiopia has come up with remarkable economic growth thereby attaining its renaissance in all circumstances. Besides, it is recurrently stated that remarkable achievements have been registered in major macroeconomic indicators over the past nine months of the Ethiopian budget year.
Unquestionably, economic growth is the basis of all changes and forward movements. Since the government has undertaken a multitude of activities towards stabilizing high cost of living via subsidizing safety net, basic necessities, fuel, and other strategic products, the situation in the nation has shown improvement.
Effective endeavors have also been carried out in creating jobs in the country, and abroad. Following unreserved effort of all the ministries, the country has been registering remarkable achievements in major macroeconomic pointers.
Yes, the homegrown economic reforms targeting at thriving macroeconomic stability, enhancing productivity and competitiveness of sectors, boosting the investment climate, and empowering government’s execution capability have been helping the nation record noteworthy upshots.
Here, investment and savings have taken great contribution to GDP, and the performance in this regard has also been improving over the fiscal year. It was also stated that better performance was also registered in domestic revenue collection, and the external debt-to-GDP ratio has declined to13.7 percent. This bold move clearly pronounces that the country has trekked on the right track to bring about changes that can potentially foster country’s renaissance.
Not only has the comprehensive macroeconomic reform enhanced the economic growth but it has also helped the nation to reschedule its 3.5 billion USD debt. The most interesting thing along this line too is the public development enterprises that were earlier debt ridden have turned to profitability under the Ethiopian Investment Holdings. This is another testimony for the country to come up with meaningful change.
Undeniably, the Ministry of Finance and Economic Cooperation and the Ministry of Planning and Development have been playing key roles in fostering economic growth. Especially the former predominantly focuses on deepening macroeconomic reforms for sustainable growth and inclusive development and the latter embarked on formulating policies for sustainable and inclusive development through research and analysis. Such demarcated and well defined tasks are of significantly useful in helping the nation have expressive changes.
Interestingly, country’s comprehensive macroeconomic reforms, being implemented since July 2024, have been demonstrating remarkable results in boosting the nation’s economic growth at a sustainable manner.
Taking all the aforesaid concrete indicators and practical signs into account, one can easily deduce that Ethiopia has solidified its position as the largest economy in East Africa and the third-largest in Sub-Saharan Africa.
The reform measures that target a range of issues, including foreign exchange distortions, financial sector strengthening, inflation control, tax revenue mobilization, and improving the business climate are being implemented as properly and timely as possible to push Ethiopia steps forward.
Unequivocally, the positive impact of the reforms on various economic indicators and the reforms themselves aim at enhancing trade, investment, domestic production, and service delivery by which all forms of growth and progress would be easily boomed with a view to leading the nation to a higher and more sustainable national economic growth. No doubt, the government has run activities aiming at propelling Ethiopia’s overall economic development by enhancing trade, investment, domestic production, service delivery, among others.
In sum, the implementation of reforms has yielded excellent results across various economic sectors, and the country’s macroeconomic policy reform has successfully addressed several challenges that hindered economic growth. Plus to this, the positive developments in the agriculture, tourism, mining, and digital sectors signal the early successes of the reform. In so doing, Ethiopia’s renaissance would be well fostered thereby helping the nation enhance its renaissance.
THE ETHIOPIAN HERALD WEDNESDAY 23 APRIL 2025
