Though Ethiopia is one of the least developed countries, for the last 14 years it has been scoring a double digit economic growth keeping momentum to reach to the middle income status by 2025, said the Special Adviser to the Prime Minister Dr. Arkebe Equbay.
While presenting a paper with regard to Ethiopia’s economic growth experience on the Africa-China High Level Dialogue and Think Tank Forum Dr. Arkebe said that through aggressive development endeavour the country has brought tremendous change in the livelihood of the people.
He further said that currently Ethiopia is recognized as a fastest growing economy in the world and come up with a vision 2025 to sustain the 11 per cent economic growth in ten years time and become the manufacturing hub in Africa.
Dr. Arkebe said the nation is attracting considerable Foreign Direct Investment and creating millions of jobs in the manufacturing sector.
Since agriculture is the main stay of the economy and exporting raw materials would be unrealistic to achieve sustainable growth and transformation, he said adding, diversifying the export items and adding value on export items is essential.
According to Dr. Arkebe, the fastest growing economy has faced challenges in making the growth inclusive and equitable. He noted that poverty reduction is the ultimate objective of the national development and close to 70 per cent of the federal and the regional governments budget is streamlined to the pro poor activities.
The advisor said the provision of education and health services and the construction of various infrastructures can serve as a tool for poverty reduction and an indication of the inclusive growth.
With regard to human development Dr. Arkebe said the average life expectancy was 45 years in 1991 and has now increased to 65 years in which he described ” a big achievement. “