The International Monetary Fund (IMF) has projected that Ethiopia's economy will grow by 3.8pc this year. The figure was published in its revised macroeconomic outlook released last week. The revision was made to factor in the impacts of the Russia-Ukraine war, which began in February this year. The report underlines that the war will set back economic recovery. In its previous projections, Ethiopia was among a few countries omitted due to "an unusually high degree of uncertainty." Various forecasts done by different institutions say the country's GDP would grow by one to eight percent. On its part, the federal government forecasts an eight percent growth this year. Last year, the IMF projected Ethiopia's GDP would grow by two percent, however, the government reported a 6.3pc growth was registered. The IMF report also projects a slightly higher 5.7pc growth for 2022.
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