The World Bank says Ethiopia’s economic growth is forecast to slow markedly in the current fiscal year due to shortage of foreign currency, political instability, declining investment and revenue from export business.
Accordingly, the bank said the nation will register 2.0 percent this year, showing a 4.0 percent drop compared to the government’s forecast.
Two months ago, Prime Minister Abiy Ahmed told members of the House of Peoples’ Representatives that the Ethiopian economy will grow by 6 percent this year amid COVID-19 pandemic worldwide.
The World Bank said about 6.5 million Ethiopians would be subjected to extreme poverty the same year due to COVID-19 complications and instability.
