The Ethiopian Economics Association (EEA) said on Thursday that the introduction of new banknotes and denomination into the monetary system might cause a shift in deposit preferences towards holding currency instead of depositing in the bank.
Alemayehu Geda (PhD, Prof), a prominent economist, has painted a dire look at the economic growth set for the new fiscal year, predicting it will further contract and even dip into negative 2.7 percent.
In the face of the Coronavirus pandemic, where the impact on the economy is not yet known, economists have come up with a grim projection indicating that the Gross Domestic Product (GDP) growth could shrink to 0.6 percent for the current year, The Reporter has learnt.
Moody’s global relative rating of Ethiopia has been downgraded as the public revenue streams dry up. The government has downplayed the recent credit rating siting the global pandemic as the cause for government’s coffers drying up, The Reporter has learnt.
The Government of Ethiopia, due to the effects COVID-19 has on the economy, has reduced its Gross Domestic Product (GDP) growth forecast for this fiscal to six percent from the previous projection of nine percent, The Reporter has learnt.
Taking into account the wide ranging impacts the coronavirus pandemic has on the global economy, and the impact it has on Ethiopia; economic experts have come-up with preliminary projections, forecasting a 10 percent hit to its GDP.
Anxious about what would happen once Ethiopia’s population doubles in 2050, a group of professionals and academics have decided to air their concerns and make recommendations on the required approaches to abate the socioeconomic misfortune that might befall the country in the coming thirty years because of an impending uncontrolled population explosion, The Reporter has learnt.
Ethiopia has officially joined in Mastercard Foundation’s effort to help create 30 million needed jobs across seven African nations, 10 million in Ethiopia within 2030. An effort of its Young Africa Works Initiative, it is geared in supporting local entrepreneurs, small and medium sized businesses as a hub for its job creation plan.