ADDIS ABABA, Oct. 9 (Xinhua) -- Ethiopian President Mulatu Teshome on Monday affirmed that the east African country's target to become a middle income economy is achievable with the ongoing socio-economic growth registered in the country.
Teshome made the remarks while addressing the joint opening session of the Ethiopian House of People's Representatives and House of Federation, in which he also outlined Ethiopia's socio-economic targets for the just commenced Ethiopian 2017-2018 fiscal year.
According to Teshome, Ethiopia's economy has registered "two-digit economic growth during the last decade with the help of the first and second five-year Growth and Transformation Plans (GTP I and GTP II)."
The Ethiopian government had previously announced the country's long term strategy, which envisages reaching a middle income economy by 2025.
"If we are able to sustain the ongoing economic growth that has been witnessed since the new Ethiopian millennium, the target to reach a middle income economy is achievable," the president affirmed.
The president also affirmed that the ongoing shift from the previous agriculture-dominated economy to a combined agriculture-led industry sector with a significant contribution from the service sector as one major proof for the planned middle income economy.
Ethiopia's economy has registered a 10.9 economic growth during the previous year, close to the projected 11 percent economic growth. The country has also projected 11 percent economic growth for the current fiscal year.
The Ethiopian government envisages industrial parks development, enhancing mechanized farming, infrastructure development, and investment in the manufacturing sector as priority sectors to realize the planned middle income status.Read more here
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