Ethiopia Is Now Africa's Fastest Growing Economy.

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THE NEW CHINA,ETHIOPIA

  • 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.

    "(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.
     
    However, despite sustained economic growth, in the past few years Ethiopia has experienced increasing unrest from Oromo groups in the Oromiya region.

    Economic growth

    Ivory Coast is expected to be the second fastest growing economy in the region at 7.4%. Rwanda's estimated economic growth is 7.2%, and the West African country Senegal is projected to have 7% growth.
    The data reveals that Ghana, which was previously forecast as the fastest growing economy in Sub-Saharan Africa in October 2017."They've updated it to 2.1%. However, they have emphasized the risks. The falling commodity prices and imbalances that are to arise because of the elections," Bismarck Rewane, a Nigerian economist, told CNN.
     
     
     

Source : IWN Online Editor

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