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
ECOWAS single currency will be called ECO
ECOWAS single currency will be called ECO

The Authority of ECOWAS Heads of State and Government on Saturday adopted ECO as the name of the single...

France fines Apple Inc €1.1 billion Euros
France fines Apple Inc €1.1 billion Euros

Apple Inc was on Monday slammed with a fine of €1.1 billion Euros (1.2 billion dollars) by French authorities,...

Two Nigerians among finalists for $25,000 Anzisha Prize for young African entrepreneurs
Two Nigerians among finalists for $25,000 Anz...

Two Nigerians, Abdulwaheed Alayande and Emmanuel Okon made the cut among 20 finalists to contend for the $25,000 Anzisha...

Write A Comments