According to the World Bank, Ethiopia, with a population of approximately 126.5 million, stands out as one of the fastest-growing economies in Africa.
Since 2018, Ethiopia has faced a series of challenges, including natural disasters such as droughts and floods, the Tigray conflict, and the COVID-19 pandemic.
In an interview with local media, Finance Minister Ahmed Shide stated that Ethiopia’s economy is expected to grow by 8.4% in the current fiscal year. He emphasized that macroeconomic reforms play a critical role in this economic development, particularly in the external sector. New measures include regulations such as licensing non-bank foreign exchange bureaus.
The minister also reported that in the first four months of the 2017 fiscal year, all commercial banks achieved $3.3 billion in foreign currency earnings, marking a 13.5% increase compared to the same period last year. Shide noted that the reforms have also had positive impacts on agriculture, manufacturing, mining, and tourism sectors.
