PM: Economy Grew 6.1% in 2019/20 Fiscal Year

ADDIS ABEBA – Prime Minister Abiy Ahmed said Ethiopia’s Economy has registered a 6.1 percent growth during the previous 2019/20 fiscal year, which ended on July 7.

The growth rate is 2.9% less than government’s initial project for the fiscal year due to the impact of the Covid-19 pandemic.

The economic growth was “encouraging” considering the pandemic’s impact on global economy, the Prime Minister told lawmakers.

“Despite the influence of Covid-19, we followed a strategy of protecting our country from the virus and continuing to work,” he said. “While the world’s economy is predicted to decline, Ethiopia’s economy has grown at a rate of 6.1%”.

As of Sunday, Ethiopia has confirmed 89,137 COVID-19 cases, including 1,352 deaths, and 42,649 recoveries.

The East African country closed schools and universities in March and put curbs on public gatherings and closed its border. The government, however, chose not to impose full lockdown within its borders.

During the fiscal year, the GDP has also reached 107.4 billion USD and surpassed 1000 USD per capita, Abiy said, added that remarkable achievements were registered in the 2012 fiscal year of which joining the long-desired lower-middle-income countries was ensured.

The Prime Minister said inflation had “become very challenging”, despite slowing between July and September.

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