Saturday, April 4, 2009

Ethiopia optimistic of 11.2 percent economic growth in 2009 [optimistic ?]

Ethiopian minister for Finance and Economic Development, Sufian Ahmed said on Saturday an economic growth rate of 11.2 percent in 2009 is a must despite the current global financial crisis, APA learns here.

“Current economic indicators are pointing out that the nation will have wide opportunity to register 11.2 percent economic growth during 2009,” said the minister.

Already, the Agricultural sector which holds 45 percent of the country’s economy has registered some positive growth.

Ethiopia mainly exports in huge amounts both coffee and flowers.

“The nations’ economy will continue to grow as it is mainly dependent on agricultural exports. The nation also does not have that much link with foreign banks which might have effect on the country’s financial institution,” said Ahmed.

Currently, Ethiopia is facing a serious foreign currency shortage due to its export and import in balance.

Current economic indicators are showing that the inflation rate which currently stands at 32.9 percent will drop down to 10 or 12 percent in June, said Ahmed.

“The decrease in oil price and other imported goods like metal has good opportunity for the nation to keep its economy safe and sustainable,” the minister added.

Ethiopia is undertaking various activities to enhance its export to tackle the foreign currency shortage.