A growth of more than 7.5% by 2023

Abiy Ahmed, Prime Minister of Ethiopia

During his address to the nation, Ethiopian Prime Minister Abiy Ahmed gave an update on the government’s action.
For economic recovery, he is betting on agriculture to achieve strong growth in 2023.

Abi Ahmed, who faces the parliament, promises to improve the country’s economic situation through the ceasefire agreement signed with the Tigrayan forces on November 2, 2022.

If peace is more or less a reality in this conflict, he projected himself in 2023, where his group predicts GDP growth of 7.5%. The basis of this expected wealth generation will be agriculture. In 2022, the agriculture sector has changed from 6.3% in 2021 to 6.4% in 2022.

The Ethiopian No. 1 recalled that agriculture plays an important role in the national economy. Wheat cultivation is essential in this expected boom.

Also, the government hopes to launch a new financing program with the IMF to carry out a planned restructuring of its USD 30 billion debt. An end to the conflict in Tigray will give the government an opportunity to restore its image with the international community. Apart from the agriculture sector, tourism, mining, information technology and manufacturing sectors have also been highlighted to attract investors.

By the end of 2022, Ethiopia will become the largest economy in the Horn of Africa.