Welcome, Guest: Join Nairaland / LOGIN! / Trending / Recent / New
Stats: 2,801,928 members, 6,697,478 topics. Date: Saturday, 29 January 2022 at 11:53 AM

Ethiopia Is Now Africa's Fastest Growing Economy - Foreign Affairs - Nairaland

Nairaland Forum / Nairaland / General / Politics / Foreign Affairs / Ethiopia Is Now Africa's Fastest Growing Economy (13960 Views)

Ethiopia’s PM, Abiy Ahmed Has Gone To The Battlefront: State-Affiliated Media / Ethiopia Is Now Africa's Fastest Growing Economy -CNN / Morocco Is Testing Africa's Fastest Train, Targeting 200mph(Photos) (2) (3) (4)

(1) (2) (3) (Reply) (Go Down)

Ethiopia Is Now Africa's Fastest Growing Economy by Kingspin(m): 8:16pm On Apr 24, 2018
(CNN) — 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.

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.

New Prime Minister Abiye Ahmed was sworn at the beginning of April, signaling an intent to ease tensions.

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, at 8.9%, slowed in its predicted growth to 6.4%. Last year, a reported surge in oil and gas production helped propel the country's economy. Related Article:44 African countries agree free trade agreement, Nigeria yet to sign
Nigeria, Africa's largest economy, is predicted to grow by 2.1%, an increase from 1.9% forecast 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.

Related Article: Tanzanian govt demands $930 fee from bloggers in internet clampdown
South Africa's predicted growth stands at 1.5%.
Long term, according to a report from the World Bank in 2016, the proportion of the African population in extreme poverty has declined, but the overall number has increased as the continent's population expands.

Growth across the whole region is forecast to average 3.4%, below the total world growth figure of 3.9%.

www.cnn.com/2018/01/24/africa-largest-economy/index.html

1 Like

Re: Ethiopia Is Now Africa's Fastest Growing Economy by Kingspin(m): 8:21pm On Apr 24, 2018
We are among the happiest people on earth because Nigeria is the only suffering and smiling people the world discovered.

63 Likes 1 Share

Re: Ethiopia Is Now Africa's Fastest Growing Economy by nNEOo(m): 9:02pm On Apr 24, 2018
Well they have a healthy looking 41 years old man as prime minister thats why their country is runing at 8.4M/H.

43 Likes 1 Share

Re: Ethiopia Is Now Africa's Fastest Growing Economy by Authoreety: 6:56am On Apr 25, 2018
Issa lie... they are dragging first position wt nigeria

1 Like

Re: Ethiopia Is Now Africa's Fastest Growing Economy by pol23: 6:56am On Apr 25, 2018
Nigeria under APC is the fastest Africa drying economy.

62 Likes 2 Shares

Re: Ethiopia Is Now Africa's Fastest Growing Economy by Nobody: 6:56am On Apr 25, 2018
God bless Buhari

4 Likes 1 Share

Re: Ethiopia Is Now Africa's Fastest Growing Economy by dadavivo: 6:56am On Apr 25, 2018
Even small Ethiopia, Buhari, you won't go unpunished

61 Likes 2 Shares

Re: Ethiopia Is Now Africa's Fastest Growing Economy by Nobody: 6:56am On Apr 25, 2018
You think bringing this up will solve our own economy system??

The day we will learn to elect leaders without sentiment, is the beginning of better growth for this nation..

3 Likes 2 Shares

Re: Ethiopia Is Now Africa's Fastest Growing Economy by Richkid97(m): 6:57am On Apr 25, 2018
grin grin grin



Buhari why ?

8 Likes

Re: Ethiopia Is Now Africa's Fastest Growing Economy by obojememe: 6:57am On Apr 25, 2018
i love their airline

2 Likes 1 Share

Re: Ethiopia Is Now Africa's Fastest Growing Economy by olamil34(m): 6:57am On Apr 25, 2018
May all evil politicians die in pain.

And I hope their kids and grand kids be wiped out.

7 Likes 1 Share

Re: Ethiopia Is Now Africa's Fastest Growing Economy by Aderewah: 6:57am On Apr 25, 2018
If all the politicians and churches put money down, we will have 24 hrs light, hIghspeed trains everywhere, most graduates will be employed and naira will be down to 150 per dollar

12 Likes

Re: Ethiopia Is Now Africa's Fastest Growing Economy by ajbabs(m): 6:57am On Apr 25, 2018
We want change in Nigeria and we have seen change (a very bad change)
God will punish Buhari, Lie Mohammed and their likes for being agents of bad change.


Nigeria drops from being world's fastest growing economy, loses ground in Africa

Starting from 2016 oooo angry embarassed
- IMF drops Nigeria out of world ratings for fastest growing economies

- Nigeria loses ground in Africa as she is not listed among top 15 on the continent

Nigeria's rating as one of the fastest growing economies in the world has plummeted drastically, the International Monetary Fund (IMF) has revealed.

Nigeria was in 2014 and 2015, rated the third fastest growing economy in the world after China (7.3 percent GDP growth) and Qatar (7.1 percent GDP) by CNNMoney, is not even among the 15 fastest growing economies in Africa for 2016.

This drop in economic status of the country which now stands at 2.8 percent in GDP, has been blamed on the uncertainty that followed the 2015 elections, the unprecedented crash in crude oil price, and late revelation of policy direction by newly-inaugurated President Muhammadu Buhari's government.

The IMF World Economic Outlook for 2016, as revised in April rates Cote D'Ivoire as the fastest growing economy in Africa for 2016 with an anticipated 8.5 percent rise in GDP while Chad is the slowest as it is being expected to record negative growth of -0.4 percent.

With the recent increase of oil price to $40/barrel (although it has been fluctuating), it expected that Nigeria's status may soon start rising after her heavy dependence on oil as a major source of revenue has cost her a lot in the nation's stability.

The inability of the Organisation of Petroleum Exporting Countries (OPEC) to agree on a fixed price during a meeting last month may yet be another downside, however, this is expected to resolved in the coming months.


https://www.naija.ng/811604-from-being-3rd-fastest-growing-economy-in-the-world-check-out-nigerias-new-position.html

11 Likes 1 Share

Re: Ethiopia Is Now Africa's Fastest Growing Economy by Nobody: 6:58am On Apr 25, 2018
fastest growing indeed
Re: Ethiopia Is Now Africa's Fastest Growing Economy by dokJ: 6:58am On Apr 25, 2018
congrats to them........meanwhile Buhari is Africa's dullest presido.

8 Likes

Re: Ethiopia Is Now Africa's Fastest Growing Economy by xreal: 6:58am On Apr 25, 2018
I expected them to be even before now.


God bless Ethiopia.

22 Likes

Re: Ethiopia Is Now Africa's Fastest Growing Economy by fulaniHERDSman(m): 6:58am On Apr 25, 2018
cheesy cheesy
While Nigeria is the fastest blood letting Nation under PRESIDENT DOGs and BABOONs!

3 Likes

Re: Ethiopia Is Now Africa's Fastest Growing Economy by ajbabs(m): 7:00am On Apr 25, 2018
We voted (majority of Nigerians, remember that majority carry the votes) for change. We could clear see effects of the change we want in Nigeria.



Nigeria: Third Fastest Growing Economy In The World - IMF in October, 2010

Meanwhile, the International Monetary Fund (IMF) has announced that Nigeria is the third fastest growing economy in the world after China and India, as a result of the growth of the nation’s economy from 6.9 per cent in 2009 to 7.4 per cent this year.

The Minister of Finance, Dr Olusegun Aganga, who described this rating by IMF as a good development at a time when the economies of the developed countries were contracting, said with new policies being initiated by the Federal Government, the economy would witness a turnaround in a very short time.

“What we need in Nigeria is continuity in policies and leadership to sustain the growth,” he advocated.

Speaking at a joint press conference with Sanusi at the World Bank/IMF meetings in Washington DC, Aganga said the economic prospect was bright because despite the fact that Nigeria was yet to take advantage of opportunities and resources available within the country, it achieved 7.4 per cent growth and 48 per cent increase in revenue in the first half of the year.

Among the advantages he identified were existence of 33 untapped solid minerals, steady increase in the oil revenue and 75 million telecommunic-ations subscribers.

“If we have continuity in policy, a lot will be done in the economy and we will do more as shown with the increase in oil revenue by 46 per cent during the first six months of 2010,” he said.

However, Dr Aganga said “the Federal Government requires N100 billion to finance infrastructure development for the next four years in order to add two per cent to the gross domestic product (GDP) of Nigeria.”

He made reference to the state of the manufacturing sector, where operators put 40 per cent of cost on power generation, saying, if infrastructure in Lagos and other places were upgraded, there would be a major relief across the country.

“This could be our decade. I am more excited about the country today than few years back,” Aganga said.

The finance minister, who also is the chairman of World Bank 2010 annual meeting, confirmed his push for Africa to emerge as the president of World Bank and Managing Director of the IMF.

“Of course and it is clear that since 1946, the president of the World Bank has always been from America and the MD of IMF is always from Europe . We are all in agreement that it should change. The appointment to leadership positions should be open to all members, transparent and based on merit going forward. That is part of the reform.”

He added that he had been making the case to increase the quota of the constituency in Africa.

“Whatever we come out with, it is better that we protect the quota of low-income countries in Africa and small medium countries. That is important because it determines the aids to get and the voice in policy issues,” he assured.

Meanwhile, the CBN has raised concerns over the rate Nigeria’s foreign reserves is depleting, saying that plans are underway to slow the pace of spending from the reserves to defend the naira.

Sanusi told newsmen at the sidelines of the IMF and World Bank meeting, at the weekend, adding that the apex bank must make sure the Federal Government did not have access to “easy money” to continue its deficit spending habits.

A series of factors that had been driving the CBN to draw down its forex reserves in defense of the naira were winding down, as the bank reported that its forex reserves were down by 15 per cent from a year earlier at about $34.57 billion, including a seven percent decline in the last few weeks.

“I think we’ll see less spending, but I think the naira will remain stable,” Sanusi said.

The naira slid to a 13-month low in September amid strong local demand for the United States dollar by gasoline and rice importers.

Sanusi said the current exchange rate was not a level that needed to be maintained “at all costs,” adding that “in the short to medium term, we do believe we can maintain this range.”

It will be recalled that the CBN surprised analysts and
investors, last month, by raising its benchmark interest rate by a quarter of a percentage point to 6.25 per cent.

http://www.tribune.com.ng/index.php/front-page-news/11934-more-bank-directors-ll-be-jailed-sanusi-nigeria-is-worlds-3rd-fastest-growing-economy--imf

2 Likes 1 Share

Re: Ethiopia Is Now Africa's Fastest Growing Economy by Mutemenot(m): 7:00am On Apr 25, 2018
Nigerians waiting to see their position shocked

2 Likes

Re: Ethiopia Is Now Africa's Fastest Growing Economy by Richkid97(m): 7:00am On Apr 25, 2018
This is what you get when you vote for a certificate-less Dullard as a President


Back2Daura2019

1 Like

Re: Ethiopia Is Now Africa's Fastest Growing Economy by Nobody: 7:00am On Apr 25, 2018
dadavivo:
Even small Ethiopia, Buhari, you won't go unpunished
Ghana, keyan have good leaders and their economy is still not the fastest growing encomic so wat are u ranting about? undecided

3 Likes

Re: Ethiopia Is Now Africa's Fastest Growing Economy by pawesome(m): 7:00am On Apr 25, 2018
President Buhari ti take over

1 Like

Re: Ethiopia Is Now Africa's Fastest Growing Economy by israelmao(m): 7:01am On Apr 25, 2018
Wake up Nigeria
Re: Ethiopia Is Now Africa's Fastest Growing Economy by emmabest2000(m): 7:02am On Apr 25, 2018
And their only source of income is Ethiopian AirLine

9 Likes 4 Shares

Re: Ethiopia Is Now Africa's Fastest Growing Economy by whitering: 7:05am On Apr 25, 2018
Buhari you see your life.

1 Like

Re: Ethiopia Is Now Africa's Fastest Growing Economy by beautyhound(m): 7:06am On Apr 25, 2018
Asowari:
Ghana keyan and Co do not even make the list so wat are u ranting about? And who told u Ethiopia is small undecided

Either u r blind or u dont kno how to read, I wud prefer u r d former tho... wud xplain a lot of tins...

1 Like

Re: Ethiopia Is Now Africa's Fastest Growing Economy by MuyiRano(m): 7:06am On Apr 25, 2018
I'm only here to celebrate Mo Salah for his heroic performance yesterday. The best player after Messi

1 Like

Re: Ethiopia Is Now Africa's Fastest Growing Economy by Nobody: 7:07am On Apr 25, 2018
may God help our country Nigeria. Amen

4 Likes

Re: Ethiopia Is Now Africa's Fastest Growing Economy by Nobody: 7:07am On Apr 25, 2018
beautyhound:


Either u r blind or u dont kno how to read, I wud prefer u r d former tho... wud xplain a lot of tins...
wat ever learn how to mind ur dam business wasn't talking to you
Re: Ethiopia Is Now Africa's Fastest Growing Economy by dedons: 7:09am On Apr 25, 2018
All thanks to the Dullard of Daura.

1 Like

(1) (2) (3) (Reply)

Monkey In Coat Storms Toronto Department Store / My SAPS: South African Police Launches A Crime-fighting App (PIX) / Mitt Romney President-Elect Transition Website Leaks Online

(Go Up)

Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health
religion celebs tv-movies music-radio literature webmasters programming techmarket

Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10)

Nairaland - Copyright © 2005 - 2022 Oluwaseun Osewa. All rights reserved. See How To Advertise. 129
Disclaimer: Every Nairaland member is solely responsible for anything that he/she posts or uploads on Nairaland.