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Business News of Wednesday, 15 May 2024



Finance Minister reassures public of economic recovery

Dr. Mohammed Amin Adam Dr. Mohammed Amin Adam

Dr. Mohammed Amin Adam, the Minister of Finance, reiterated the government's commitment to a robust economic recovery during his speech at the Health Sector Annual Summit 2024.

He pointed out that inflation has significantly decreased in recent months, indicating a positive trajectory for the economy.

Dr. Adam expressed confidence that inflation would continue to decline, with a significant decrease expected by the end of the year.

He highlighted the impact of government policies on economic growth, noting that the economy grew at a rate of 2.9% in 2023, surpassing the projected growth of 1.5%.

He emphasized the strong signs of growth in the economy, stating, “The signs of growth we’re seeing from the data also show that this year will be strong, and so, when I say the economy is strong, I mean it.” Dr. Adam also highlighted the progress made in reducing inflation, which decreased from 54% to 25% over the past year.

Regarding future plans, Dr. Adam stated, “We are working to ensure inflation reaches 15% by the end of this year. And by the end of 2027, inflation comes with a single digit.”

This indicates the government's long-term strategy to stabilize the economy and ensure sustainable growth.

Overall, Dr. Adam's remarks underscored the government's optimism and commitment to steering the economy toward recovery and stability, with a focus on reducing inflation and promoting economic growth.