AFRICANGLOBE – The World Bank Ethiopia Office released a report on Tuesday (June 18th ) detailing the country’s current economic situation and forecasting future prospects.
According to the report, the World Bank acknowledged that Ethiopia had the capability to achieve its target of becoming a middle income country by 2020. The report said that in spite of all the challenges, if Ethiopia continued its current pace of growth, it would join the ranks of middle income countries within the decade.
According to lead Economist, Lars Christian Moller, the greatest challenge that will face the country in achieving this target is the fact that private sector investment is lagging behind the public sector.
The report underlined that the current economic growth rate was in good condition and that the country was in good shape to grow further as it had managed to slow the inflation rate down to single digits.
The Bank’s assessment also took into account positive government efforts aimed at boosting savings while it also urged policy-makers to achieve more in this regard through increasing the number of bank branches, advancing micro-credit institutions and improving the basic income of citizens.