These challenges included currency depreciation, high inflation rates, and fiscal deficits.
However, the government's commitment to economic reforms and diversification strategies has laid a solid foundation for recovery.
The Minister of Finance, Dr. Amin Adam has reiterated his confidence in a robust economic rebound, emphasizing a significant decrease in inflation as a positive indicator of economic recovery.
Addressing the Health Sector Annual Summit 2024 as the special guest of honour, Dr. Adam expressed optimism that inflation would continue to decline and reach markedly lower levels by year-end.
"The economy is rebounding strongly, and I can tell you as manager of the economy that our recovery is really strong. We face serious challenges, but the future is looking brighter and brighter," he said.
As a result of the policies we have implemented, economic growth has become more robust than ever anticipated. Projected to grow at 1.5% last year [2023], we grew at 2.9%, he stated.
He added that 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. Inflation has also been on the decline, from a peak of 54% at the end of 2022, and 12 months later, it came down to 25%.
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, Dr. Adam noted.