Prime Minister Abiy Ahmed (PhD) recently addressed the House of Peoples' Representatives (HoPR), announcing that Ethiopia is poised to achieve double-digit economic growth this year. He emphasized that the country's economic progress is now demonstrably “tangible, visible, and palpable,” a clear departure from past years where growth figures were often perceived as purely numerical. These remarks were made during the HoPR's second regular session on October 28, 2025, where the Prime Minister responded to a range of questions from lawmakers concerning the national economy.

Abiy reiterated that the current year's growth can be genuinely “seen, felt, and measured” within the real economy. He eloquently described this progress, stating that individuals with a keen sense of observation—whether by smell, sight, or hearing—would discern the country's unquestionable economic advancement. Looking further into the future, the Prime Minister laid out an ambitious economic vision, asserting that “by 2040, Ethiopia's economy will at least become the second largest in Africa,” and boldly predicting that “by 2044, Ethiopia's economy will become the largest in Africa,” a goal he declared unstoppable.

Highlighting significant macroeconomic improvements, Abiy reported that the inflation rate for October had eased to 11.7 percent. This figure represents the lowest level recorded since the government initiated its comprehensive reform program, signaling a crucial step towards achieving greater macroeconomic stability. Furthermore, he noted a historic achievement for Ethiopia, with “exports of goods having yielded better results than exports of services” for the first time. Specifically, the nation generated $8.3 billion from goods exports last year, surpassing the $8.1 billion earned from services.

The Prime Minister attributed the stabilization of the financial sector to ongoing economic reforms, citing measures that “saved the Commercial Bank of Ethiopia (CBE) from collapse through debt restructuring.” He underscored the critical importance of this intervention, stating that the “collapse of the Commercial Bank means the demise of Ethiopia's financial sector,” thus positioning the reform as a rescue operation for the entire financial system. Strong revenue performance was also a key highlight, with the previous fiscal year registering Ethiopia's highest-ever earnings, including an impressive $7.4 billion in remittances.

Further boosting the nation's financial health, Abiy revealed that “billions of dollars were saved through import substitution with domestic products,” a strategy that significantly contributed to a tenfold increase in the country's foreign reserves. He also detailed Ethiopia's strategic shift from an agriculture-led economic model to a more diversified framework that now embraces industry, mining, tourism, and technology, observing that this transition is yielding tangible benefits. The government's “five-sector” strategy, he explained, is central to building a resilient, multi-dimensional economy. Additionally, Abiy disclosed that the government allocated approximately 440 billion birr to subsidies during the fiscal year.

Regarding the mining sector, the Prime Minister addressed ongoing reforms aimed at rectifying irregularities within the licensing system. He noted that many former license holders had operated as brokers rather than legitimate developers. These reforms are beginning to show results, with the mining sector's contribution to the national GDP now reaching one percent, indicating a positive trajectory for this critical industry.