Finance Minister reassures public of economic recovery

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

Read full articledecrease 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.