IMF Projects 3.8pc GDP Growth


IMF Projects 3.8pc GDP Growth

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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CHERRY PICKING

Women around the Koshe area hunt through piles of trash to find scraps of metal to sell. With close to three million people unemployed in the country and a headline inflation of 33pc, unskilled labour is in little demand. Ethiopia has an adult literacy rate of 51pc, with fewer numbers going past high school. Less than three percent of 12th-grade students made it to universities this year while the rest were at the mercy of remedial exams...


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JUNGLE CREW

An old wooden car that was part of a commercial campaign by a furniture company around the Beherawi Theatre area. Ethiopia's forest coverage to national land size has been registered at 15pc to the latest data by the World Bank. The current Prime Minister Abiy Ahmed launched an initiative labelled 'Green Legacy' to plant five billion trees in 2020 claiming an 83pc success...


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OVER CAPACITY

A young boy attempts to pull a piece of cloth from an overloaded pickup truck around the Ayer Tena area. Observing an unsupervised child on the streets of the capital has become a common sight, with sporadic conflict across the country creating nearly four million internally displaced people. Despite the last census having been conducted 16 years ago, the population of the country is estimated at 120 million...