[UAH] ITS THE WB SAYING THIS OF ETHIOPIA, NOT AS M7 SAYS HIS OWN VISION OF UGANDA
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World Bank Says Ethiopia Can Reach Middle Income Status By 2025
ADDIS ABABA, June 26 (BERNAMA- NNN-ENA) -- The World Bank, in its latest Ethiopia Economic Update report, says the country can potentially reach middle income status by 2025.
"If the country continues its historically impressive growth performance, it could potentially reach middle income status," the Bank adds.
In 2012, Ethiopia was the 12th fastest growing economy in the world, according to the bank. The country has been taking various actions including the launching of its Growth and Transformation Plan (GTP) to enhance its economic growth and to realise its objective to reach middle income status, it notes.
"Over the past decade, Ethiopia has attained high economic growth, averaging 10.7 per cent per year. In 2012, Ethiopia was the 12th fastest growing economy in the world," the report says.
"If the country continues its historically impressive growth performance, it could potentially reach middle income status by 2025, according to the latest Ethiopia Economic Update report. This, in turn, may require an adjustment in economic policy to phase in the private sector as an additional engine of growth.
"Ethiopia has been implementing a growth strategy, which emphasises a strong expansion of public investment. So far, this has delivered positive results."
However, Bank points out, while the public investment rate of Ethiopia is the third highest in the world, the private investment rate is the sixth lowest.
For Ethiopia to sustain high economic growth, the development of a strong and vibrant private sector is essential, the report quotes Guang Zhe Chen, the World Bank Country Director for Ethiopia, as saying.
In addition, the report argues that Ethiopia needs to make progress on two interrelated and equally important fronts: enhancing domestic savings, and resolving the bottlenecks of the trade logistics system.
"If the country continues its historically impressive growth performance, it could potentially reach middle income status," the Bank adds.
In 2012, Ethiopia was the 12th fastest growing economy in the world, according to the bank. The country has been taking various actions including the launching of its Growth and Transformation Plan (GTP) to enhance its economic growth and to realise its objective to reach middle income status, it notes.
"Over the past decade, Ethiopia has attained high economic growth, averaging 10.7 per cent per year. In 2012, Ethiopia was the 12th fastest growing economy in the world," the report says.
"If the country continues its historically impressive growth performance, it could potentially reach middle income status by 2025, according to the latest Ethiopia Economic Update report. This, in turn, may require an adjustment in economic policy to phase in the private sector as an additional engine of growth.
"Ethiopia has been implementing a growth strategy, which emphasises a strong expansion of public investment. So far, this has delivered positive results."
However, Bank points out, while the public investment rate of Ethiopia is the third highest in the world, the private investment rate is the sixth lowest.
For Ethiopia to sustain high economic growth, the development of a strong and vibrant private sector is essential, the report quotes Guang Zhe Chen, the World Bank Country Director for Ethiopia, as saying.
In addition, the report argues that Ethiopia needs to make progress on two interrelated and equally important fronts: enhancing domestic savings, and resolving the bottlenecks of the trade logistics system.
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Gwokto La'Kitgum
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