The International Monetary Fund (IMF) projected an increase in the average growth for Sub-Saharan Africa countries, forecasting a growth rate of 3.7 percent for 2020.
Ethiopia is expected to show growth accelerate to 7.7 percent in 2019/20.
According to the IMF Regional Economic Outlook issued on May 2, 2019, Sub-Saharan Africa’s average growth is expected to increase from 3 percent in 2018 to 3.5 percent in 2019 and 3.7 percent in 2020.
The report revealed that non-resource-intensive countries are expected to continue growing rapidly at about 6.3 percent on average in 2019-20.
About half of the region’s countries, mostly non-resource-intensive countries, are expected to grow at 5 percent or more, which would see per capita incomes rise faster than the rest of the world on average over the medium term.
Ethiopia, the region’s third largest economy, is expected to see growth accelerate to 7.7 percent as the uncertainty caused by political headwinds and external shocks abates, the report revealed.
The government has also announced its intention to pursue reforms to hand the reins of growth to the private sector, which, if implemented properly, could raise growth in the medium term, it added.
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