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IMF: Global crisis skips Ethiopia
Accessible finance, vibrant private sector keys to continued growth
Ethiopia's modest attachment with the world economy has helped it to be one of the few countries less smacked by the world economic crisis. Even though it was not as affected by the crisis, Sukhwinder Singh, the International Monetary Fund Country representative, said that Ethiopia would be wise to discontinue its untied economic structure. He made these comments while he presented the 2009 Economic Outlook of the Sub-Saharan Countries.
The external environment for African countries was bad in the year 2009. This is primarily because the economic crisis significantly reduced commodity prices, global trade, capital flows and remittances, according to the economic outlook. This reduced economic growth of oil exporting and middle income Sub Saharan African countries by 7 percent.
However low income countries like Ethiopia experienced a reduction of 2.5 percent, Singh said.
Most countries made macroeconomic adjustments during the year that helped them to face the challenges. The severe foreign reserve shortage and high inflation, particularly in Ethiopia, made the challenges tough, however Ethiopia has implemented IMF's macroeconomic recommendations that reduced the impact of the crisis, he said.
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