Ethiopia’s dairy sector has experienced growth through the “Bounty of the Basket” (Yelemat Tirufat) initiative, nearly doubling milk production to 12 billion liters in three years, the Ministry of Agriculture reported. The number of crossbred cattle has also increased eightfold.
Ambassadors of different countries to Ethiopia said the Ethiopia’s ongoing reforms would help create favorable conditions which will lure more investors to the country.
According to Anuraga Srivastava, Indian ambassador to Ethiopia, Indian investors are showing a lot of interest to invest in Ethiopia after the country’s current economic reform. He said more Indian investors are considering various investment sectors, including food processing, plastic, leather and garment. The Ambassador noted that India “would like to participate in the economic reforms as we are a close economic and political partner of Ethiopia. We stand ready to participate in the process.”
World Bank (WB) forecasted Ethiopia’s economy to expand by 8.3 percent in the year 2017. The report was released on June 5, 2017.
Ethiopia’s economy is expected to grow by 10.5 percent in 2015/16 budget year, the World Bank said on May 22, 2015, adding inflation will remain in single digits in this period.
The Ethiopian economy is expected to sustain an 11% growth in the current fiscal year according to Prime Minister Hailemariam Desalegn speaking to the Parliament yesterday.
The economy has grown at an average rate of 11% in the last few years and the government expects to maintain the growth rate in the current financial year said Hailemariam.
It is to be remembered that the International Monetary Fund revised its forecast of the growth rate of the Ethiopian economy from 5.5% to 7% last June. The IMF raised its growth forecast due to the slowing rates of inflation.
