Ethiopia lead as Africa’s fastest growing economy

Africa’s second most populated country Ethiopia economy is predicted to grow by 8.5 per cent this year. The figures signal continued economic expansion following a long period of impressive growth.

New data from the IMF revealed that Ethiopia to be the fastest growing economy in Sub-Saharan Africa 2018.

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).

Ethiopia with huge population of about 102 million (2016)in the last decade, has averaged around 10 per cent economic growth, according to the IMF.

According to 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. According to human rights groups, the government has suppressed basic rights and freedoms.

Ethiopia’s economy experienced strong, broad-based growth averaging 10.3% a year from 2005/06 to 2015/16, compared to a regional average of 5.4%. According to official statistics, Ethiopia’s gross domestic product (GDP) is estimated to have rebounded to 10.9% in FY2017. The expansion of agriculture, construction and services accounted for most of this, with modest manufacturing growth. Private consumption and public investment explain demand-side growth, the latter assuming an increasingly important role.

Despite sustained economic growth, in the past few years Ethiopia has experienced increasing unrest from Oromo groups in the Oromiya region. According to human rights groups, the government has suppressed basic rights and freedoms.

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