The lack of clarity surrounding the U.S.-China trade war is what's really hitting global growth, says ex- Deputy Treasury Secretary Sarah Bloom Raskin.World Economyread more
As the Fed was meeting to consider cutting interest rates, it lost control of the very benchmark rate that it manages.Market Insiderread more
China's economy has long relied on factors such high levels of investments and an expanding labor force for growth. Those growth drivers are running out of steam.China Economyread more
India could benefit from the fallout in the U.S.-China trade war, experts told CNBC — but much-needed reforms on land and labor could prove to be a challenge for companies...Asia Economyread more
New crash tests show the Tesla Model 3 and the Audi e-tron, are among the safest models out on the road. The results bolster the theory electric vehicles may be better...Autosread more
U.S. consumers and growth in sectors such as technology have offset declines in other American industries, says Tom Finke, chairman and CEO of investment management firm...US Economyread more
The FAA administrator's comments come on the eve of his visit to Boeing facilities outside Seattle. While there, he's scheduled to meet with Boeing executives and be briefed...Airlinesread more
Last weekend's attacks on oil facilities — and the spike in crude prices that followed — should show that the world needs to stop relying on oil, says Helen Clark.Energyread more
The photo depicts Canadian leader Justin Trudeau wearing a turban and robe, with dark makeup on his hands, face and neck. Liberal Party spokesman confirms the photo is of...Electionsread more
CBS, CNN and other major media companies are starting to pull e-cigarette advertising off their airways, as the death toll from a mysterious vaping-related illness continues...Health and Scienceread more
The U.S. Federal Reserve on Wednesday cut its overnight rate by 25 basis points to a range of 1.75% to 2%, a move that was widely expected. The central bank, however, appeared...Asia Marketsread more
chief@ (Adds quotes, context)
CAPE TOWN, Sept 6 (Reuters) - Ethiopia should slowly liberalize its exchange rate regime but is unlikely to move to a fully floating rate for the birr currency within the next three years, its central bank governor told Reuters on Friday.
Ethiopia's Prime Minister Abiy Ahmed, who took office last year, has launched an ambitious economic reform drive aimed at opening up one of Africa's fastest-growing but most closed economies, but his government has kept a tightly managed currency regime in place.
"There is no doubt that we should move slowly to the market type of forex management. But our issue is that we need to look at the timing," National Bank of Ethiopia governor Yinager Dessie said in an interview on the sidelines of the World Economic Forum's Africa summit in Cape Town.
"We have to look at the pros and cons of making that move. So this time, within the coming three years, we would like to relax a little bit on the currency side," he said, adding: "We will take some measures."
Dessie forecast that economic growth would average 10% in annual terms over the next three years and that export growth would be around 15% in the current fiscal year thanks to the agriculture and manufacturing sectors.
The International Monetary Fund forecast in November that "medium-term economic growth was envisaged to converge to around 7%" given the government's current policies.
"We have to focus on export growth otherwise economic growth will not be sustainable," Dessie said. "We are now conducting a very rigorous economic reform program that can sustain the double-digit growth we have seen in the past years."
Albert Zeufack, chief economist for Africa for the World Bank, told Reuters that a projection for 15% export growth this fiscal year seemed "very ambitious" but that the Bank did forecast a rise in exports over time. (Reporting by Alexander Winning and Wendell Roelf; Editing by Catherine Evans)