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Ethiopia joined the 'BRICS' group mainly under the pressure of current political and economic sanctions.

"Ethiopia joined the 'BRICS' group mainly due to the pressure of current political and economic sanctions" - Ethiopian Economic Association expert survey



The Ethiopian Economic Association, which consists of more than 5 thousand 500 economists, has released an expert survey at its headquarters that examines the benefits and risks of Ethiopia's joining the BRICS group.

In this survey, which was attended by the media in person, the director of research and policy analysis of the association, Degye Goshu (Dr.); "233 economists participated in the survey," he said.

Highlights of the findings:

- Among the participants:

* 49% of experts said that Ethiopia joined the BRICS group because of political and economic sanctions.

* 47% said it is because it has a developing economy.

* 45.5% cited geopolitical reasons.

* 41% and 39% respectively cited strained relations with the West and lack of foreign exchange as the main reasons.

"This has a bit of a contradiction. It says that the government is based on its own good deeds (merits). It applied because of its effects. It is not known why they accepted it. In fact, no one knows what criteria the countries that accepted BRICS entered," said Dr. Degye, explaining the findings.

- Of the participating experts, 51% said that Ethiopia would benefit from joining BRICS, while 25% thought it would be the opposite.

- Regarding the BRICS plan to remove the dollar from the trading system, 67% say it will take up to 15 years to succeed.

The survey also highlighted the benefits and pressures that Ethiopia will lose from Western countries by joining BRICS.

Thus:

* 56% of professionals say they have difficulty or are denied access to loans and grants.

* 43% of them said that it is difficult to distribute funds for ongoing projects.

* 40% of them said that it will be pressured to weaken the purchasing power of silver.

- Regarding the pressures, 66% of the Western parties estimate the pressures, the conflicts of political interests among the members and the limited capacity of the "New Development Bank" which is the BRICS development bank, are placed as follow-up threats.

Recommendations from the expert survey:

☑ The economists explained that it is Ethiopia's duty to work with international financial institutions under Western control and BRICS; It has been stated that it needs attention to identify the advantages and disadvantages of the two alignments when it joins the BRICS group, which is now seen as contrary to its ties with the West for many years.

☑ If it is unable to offset the benefits available from the West to date, the challenge will increase. Reducing the supremacy of the dollar and using their own notes for trade will make Ethiopia's foreign currency shortage worse, so the unity and differences between the member countries should be properly examined.

☑ Experts have questioned the reliability of the National Bank of Ethiopia and said it wants to reorganize to create a financial system that works with BRICS member countries.

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