Reports Show That Ethiopia Is Africa’s Fastest Growing Economy. What Are The Statistics?

Addis Ababa is the capital city of Ethiopia. The country has experienced fast economic growth in the last decade, averaging about 10 percent a year. Economists cite the country’s manufacturing industry as a key element in the country’s success. Though with her high-rising population increase, she is forecast to be the fastest growing economy in Sub-Saharan Africa this year.

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

Vijaya Ramachandran, an economist at the American think tank Center for Global Development (CGD) said that “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.”

Ethiopia can follow in China’s footsteps, and become a destination for low-wage manufacturing jobs.

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