Ethiopia: Global Recession Looming - Inaction Has Consequences

Last week, the Office of the Prime Minister unveiled a three-year economic reform plan dubbed the "Homegrown Economic Reform Programme." For a change, people of the highest order are showing their keenness to engage the public imagination with, as Bill Clinton once put it, "It's the economy, stupid."

It was a time in the United States when the superpower came out from its war that forced Iraq's Saddam Hussein out of Kuwait. A young governor from Arkansas, Bill Clinton, had challenged the incumbent, George H. W. Bush, whose approval rating at the time was over an unprecedented 90pc. The United States economy was, however, in recession, which led Clinton's campaign strategist, James Carville, to coin the popular phrase: "It's the economy, stupid." The following year, in 1992, Bush's approval rating regressed to 64pc, hence Clinton's victory to the presidency.

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