The government ought to deepen cooperation with stakeholders and the people in controlling inflation and sporadic conflicts to attain the planned 6.2% economic growth in 2024, Scholars suggested.
Recently, International Monetary Fund (IMF) disclosed that Ethiopia's economy will be grown from 6.1% to 6.2% by the end of 2024.
Economic Lecturer at Haramaya University, Molla Alemayehu (PhD) told The Ethiopian Herald that the government should take serious measures on inflation, and strive to peace and stability to grow the economy as scheduled.
According to IMF, Ethiopia's economy grows better than Sub Saharan African countries in spite of conflict, inflation, reduction of provision, and foreign loan debt that restricted the budget policy.
For Molla, this showcases that Ethiopia's economic grow will continue even under difficulties.
Promoting the homegrown economic reform, encouraging manufacturing and service sectors, and the likes would play significant role in registering better economic performance by the end of 2024, he indicated.
Sidama State Planning Bureau Expert Dawit Hayesso (PhD) on his part said that the economic growth of the country in the past ten consecutive years and the current economic structure are the two huge opportunities that indicate the national economy will grow positively.
In this regard, he suggested that developing uncultivated land and using technology will give impetus to the national growth as Ethiopia's economy is dominated by agriculture.
He further stated that Ethiopia has created conducive environment for industrial development through increasing the capacity of providing energy, land, and encouraging the high demand to consume industry products among others.
Sign up for free AllAfrica Newsletters
Get the latest in African news delivered straight to your inbox
The country also has done commendable jobs in easing doing business in the service and other sectors, Dawit said quoting the recent report by Business Insider Africa which assured Ethiopia is the best place to do business and the return is high compared with other countries.
"Ethiopia also uses growth momentum. If a growing economy faces a crisis at some point, the growth will not stop immediately, it rather will continue for some time. In this case, the country should take serious measure to avoid the crisis whereas the economy is stagnant when it is not taking measures," Dawit noted.
He also advised that giving priority to the public interest, export promotion, subsidize the public transport, and create positive situation to gain loans among others are useful to register a better economic performance.
Recently, President Sahlework Zewde was announced that the government is working to achieve a 7.9 % economic growth in 2023/24 fiscal year.
