Ethiopia's parliament approves the 10-year perspective plan which targets to achieve an average of 10 percent annual economic growth over the next decade.
In a session held in the presence of Prime Minister Abiy Ahmed (Ph.D.), the parliament unanimously voted for the approval of the economic development plan, which foresees to implement a market-led economic system based on the existing economic situation.
It is designed to create a stable macroeconomic environment, achieve rapid and sustainable economic growth, and create more jobs, according to the Planning and Development Commission.
The agriculture sector is expected to grow by 5.9 percent annually, while the industry and service sector are targeted to see a growth of 13 percent and 10.6 percent, respectively during the implementation period of the 10-year plan, which will end by 2030.
With the implementation of a structural economic change, the share of the agriculture sector to the GDP is expected to shrink from 32.7 percent in 2019/20 to 22 percent by 2030, according to the plan, which targets to increase the share of the industry sector from 29 percent to 35.9 percent during the same period, while aiming to increase the contribution of the service sector from 39.5 percent to 42.1 percent.
For the last 10 years, Ethiopia has been implementing two editions of the five-year Growth and Transformation Plan, which was criticized for being overambitious when it was adopted and later phased out without being realized. Ethiopia never had a 10-year long economic plan over the last three decades.
