Ethiopia Is Now Africa’s Fastest Growing Economy

Ethiopia Is Now Africa’s Fastest Growing Economy

Ethiopia, Africa’s second most populated country, is forecast to be the fastest growing economy in Sub-Saharan Africa this year, according to new data from the IMF.

Ethiopia’s economy is predicted to grow by 8.5% this year. The figures signal continued economic expansion following a long period of impressive growth. In the last decade, Ethiopia has averaged around 10% economic growth, according to the IMF.

To boost the economy, the country is pursuing a number of large-scale infrastructure projects, including the Grand Renaissance Dam and a railway network.

“(Ethiopia) has had a very high growth rate and I think that’s a result in large part of a very concentrated effort by the government to boost industrial production and manufacturing,” said Vijaya Ramachandran, an economist at the American think tank Center for Global Development (CGD). Ramachandran, along with three academics, released a report suggesting Ethiopia can follow in China’s footsteps, and become a destination for low-wage manufacturing jobs.

Idowu Babalola Photo
Idowu Babalola

Socially Not Social. IG & Twitter - @Idbragga

All author posts
Related Posts
Google reverses decision to cut ties with Huawei
Google reverses decision to cut ties with Hua...

Alphabet GOOGL Inc’s Google said Tuesday that it plans to work with China’s Huawei over the next 90 days,...

Announcement: Helping Hands Internationals hold H2i Sango Team meeting.
Announcement: Helping Hands Internationals ho...

Helping Hands Internationals hold H2i Sango Team meeting today 31st of January 31st, 2018 at coop house, No 2,...

World richest man, Elon Musk sells $5bn of Tesla shares after asking his Twitter followers if he should
World richest man, Elon Musk sells $5bn of Te...

The world’s richest man and Tesla chief executive, Elon Musk has sold around $5bn (£3.7bn) of shares in the...

Write A Comments