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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Ethiopian Seafarers Contribute $50m Annually in Remittances

Ethiopian Maritime Authority disclosed 50 million dollars in annual remittances from seafarers deployed internationally. Abdulber Shemsu, the director general of the Authority, said Ethiopia's membership in the International Maritime Organisation (IMO), establishes global standards and guidelines for safe, secure, and environmentally sustainable shipping practices. With 176 member countries and three associate member countries, including Ethiopia, the IMO provides a framework for ensuring...


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AfDB Launches $1.5m Initiative to Propel Agro-Industrial Parks

A 1.5 million dollar initiative for the development of three Agro-industrial parks was commenced last week. Financed by the African Development Bank (AfDB), the project includes feasibility studies, a master plan, and an environmental and social impact assessment. The Phase Two project, which includes capacity building for stakeholders, was initiated last week with an agreement between Semereta Sewasew, state minister for Finance and Gunther Beger, managing director of UNIDO. Semereta said...


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Cabinet Approves Public Service Legislation

Council of Ministers has unanimously approved the legislation that aims to raise the competency and professionalism of public service in the country. The Federal Civil Servants Proclamation is pending ratification from Parliament. The decision was made during the 30th meeting of the Cabinet last week, which follows the ratification of the public service and administrative policy. Currently, the 176 federal agencies within 22 ministries, collectively employ around two million people. The polic...


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