While presenting the government’s performance in the 2018/19 fiscal year to the House of People’s Representatives on Monday, Prime Minister Abiy Ahmed (Ph.D) had noted that various improvements have been made so as to stabilize and resuscitate the economy. bring in major economic indicators that can be achieved and in a sustainable manner in all economic sectors.
The economy has been growing rapidly over the past consecutive years. This has contributed to the reduction of poverty. However, due to the political and social unrests in the country for the last three years, the growth rate of the economy has been experiencing a downslide. The average growth rate during the three consecutive years of 2017-2018/19 is 8.35 percent, while the growth in the just departed fiscal year is projected to 7-7. 75 percent.
“It may be a great success to reverse the structural problems that have plagued our economies and have led to an increase in the time of uncertainty. If we continue to improve in such a way we can improve the next fiscal year. There is a hope that the growth of the next fiscal year will be better.”
Alternative financing needs are required through letting the other development actors participate in all development sectors, ensuring structural change and increasing productivity growth so as to enhance economic development. These would help to halt uncontrolled inflation, growth stagnation and other disadvantages, Prime Minister Abiy stressed.
Expanding the economic activities in all sectors and increasing productivity in every aspects of the economy are the mechanism to ensure economic growth, expand employment opportunities, controle inflation and then to increase export earning, said experts..
In order to correct the macroeconomic imbalance, it is imperative to create favorable conditions for investment at the federal and state levels, Post Graduate Student of Development Economics at Mekelle University Abraham Akelom told The Ethiopian Herald.
Ensuring peace nationwide to ensure that everyone is protected and also making sure everyone feels guaranteed are the other ways that the government must go through in addressing the multifaceted economic social and political problems in the country, he further added.
“Ensuring peace is the first step and a great contribution to ensure development.”
Speaking to Ethio FM 107.8 concerning to the government’s performance report, Chairperson of the Oromo Federalist Congress (OFC) , Mererara Gudina (Ph.D) said that the digits which we claim to show economic growth should have to be manifested in easing the high cost of living in the people.
“The Prime Minister said that the economy was recovering. That has to be reflected via change in the lives of every Ethiopian. So the government has to work better on the quality of life of the people,” he said.
Pertaining to tourism, big businesses are needed to increase the share of tourism stated the Premier. In addition to accommodating tourists and rendering the destinations for tourists comfy, we shall work towards the creation of new tourist destinations.
Some seven tourism spots have been selected for this purpose so that investors across the globe could engage through Foreign Direct Investment (FDI) stated the Director of Tourism Ethiopia Lelisa Mekonen, in a recent press brief.
The Addis Ababa Water Basin Project (Sheger Beautifying Project) and the restoration of the national palace will be part of this scheme.
The Ethiopian Herald July 7/2019
BY HAFTU GEBREZGABIHER
