(Ecofin Agency) - Ethiopia will record a 9% economic growth during the 2019/2020 fiscal year, finance minister Ahmed Shide (photo) indicted before the national assembly on June 11, 2019, during the budget presentation.

The official added that in the framework of that budget, expenditures are estimated to be Br346.9 billion ($13.48 billion), up from the Br346.9 billion set for the 2018/2019 fiscal year.

William Davison, senior analyst at Crisis Group, estimates that this forecast is an ambitious one. “This projection appears to be based on factors such as positive investor sentiment amid a more pro-business regulatory environment, which the authorities clearly hope will counteract reduced spending on infrastructure, a recent key growth driver,” M. Davison commented according to Reuters.

In April 2019, the IMF forecasted the country’s economic growth to be 7.7%.