With the conflict in Ethiopia turning out much more prolonged and devastating than many observers (including ourselves) anticipated, the Ethiopian macroeconomy has— for over a year now—found itself in a difficult war-time footing, facing immense humanitarian and security costs, as well as a heavy toll in terms of lost social and physical infrastructure. Heading into 2022, however, conditions appear to be emerging for the economy to move away from a conflict mode and towards recovery and reconstruction. In this context, we consider a set of ten questions and concerns regarding recent economic developments as well as near-term prospects. We also offer our views on what we see as a plausible baseline macro outlook—including projections for…