ADDIS ABABA– Lessons should be drawn from the success various countries that were centerpieces of the Second World War have registered in building the economy through a determined effort of people to rehabilitate Ethiopia’s war affected economy, experts in the field said.
Speaking to The Ethiopian Press Agency (EPA), senior researcher at the Ethiopian Economics Association (EEA), Arega Shumetie (PhD) stated that sharing the experiences of Germany and Japan, which had been severely damaged by WWII, would give a great importance to rebuilding Ethiopia’s economy.
Several countries are overcoming similar challenges through mobilizing the public’s potential and Ethiopia should take lessons from it.
The expert further noted that the Ethiopian economy has also been challenged by soaring inflation, high level of unemployment, forex crunch, debt burden and lack of sustainable growth and other macroeconomic gaps. Ensuring peace and stability is a prerequisite to address these
challenges and the Ethiopian government has to make maximum efforts to this end. “Sustainable peace avoids threats, motivates investors to invest in various fields, galvanized development, and the like.
Therefore, standing together for the common goal, preparing a strategic plan, and inviting charity organizations to actively engage in the issue will bring significant change especially in the rehabilitation process.
” Another economist Negussie Semie (PhD) said for his part that Ethiopia should learn how European countries managed to revive economies in their own efforts in the aftermath of WWII.
For example, the U.S. had the International Bank for Reconstruction and Development (IBRD) which supported the reconstruction and development process in 1944.
Directing the economy with strong control and regulation of the government would also bring desirable outcomes.
Encouraging foreign direct investment (FDI), expanding industrial parks and maximizing productivity as well as enhancing the Diaspora’s economic involvement constitute major aspects in reviving Ethiopia’s war affected economy which is also hard hit by the COVID-19, Negussie remarked.
BY MESERET BEHAILU
The 12 February 2022