BY WEGAYEHU MULUNEH
The newly appointed FDRE President Taye Atsiksilassie said Ethiopia's Economy is on the verge of rise. He declared Ethiopia's economy is entering a new era of growth and diversification. In a recent speech, he outlined the country's transition from a single-sector focus to a more robust, market-driven economy.
"This shift will ensure the equitable benefits of economic development for all Ethiopians," President Atsiksilassie stated. He emphasized the country's progress towards achieving its ambitious 10-year development plan.
The president highlighted the significant economic strides made in recent years, including a national economic growth rate of 8.1 percent in the 2016 fiscal year. He attributed this success to the government's home grown economic reforms, which have transformed challenges into opportunities.
Foreign direct investment has also surged, with a 13.8 percent increase and a total investment flow of 3.9 billion USD. The president noted that these investments have created over 4 million jobs, including 379 thousand foreign employment opportunities.
Ethiopia's trade in goods and services has also witnessed substantial growth, indicating a positive trajectory in economic recovery. To address inflationary pressures, the government has implemented various measures, including boosting production and productivity. As a result, the total price inflation has decreased from 28.8 percent in August 2015 to 17.2 percent in the current fiscal year.