Ahmed Shide, the Minister of Finance, has admitted that achieving double digit economic growth is far from reach due to a series of economic shocks that have hit the country in recent years.
While presenting next year’s budget, the Minister said today the government’s 10 year growth plan targeting 10 percent annual economic growth would require big efforts to achieve.
He called inflation, which remains at about 30 percent, a big threat to the economy. High inflation has eroded consumers’ purchasing power, the Minister acknowledged.
Ahmed admitted that the government has been unable to lower inflation effectively. He warned that persistently high inflation would hinder the country’s ability to achieve its ambitious growth targets.