Ethiopia has been enjoying rapid economic rise since 2003. If the country is able to overcome its political instability, the economic opportunities are immense.
By Dan Kopf (Quartz) |
Ethiopia’s economy is booming, and despite the country’s current political turmoil, the IMF thinks the good times will last.
In 2000, Ethiopia, the second-most populous country in Africa, was the third-poorest country in the world. Its annual GDP per capita was only about $650. More than 50% of the population lived below the global poverty line, the highest poverty rate in the world.
What has happened since is miraculous. According to IMF estimates, from 2000 to 2016, Ethiopia was the third-fastest growing country of 10 million or more people in the world, as measured by GDP per capita. The country’s poverty rate fell to 31% by 2011 (the latest year Ethiopia’s poverty level was assessed by the World Bank).
The outlook for the next five years is bright. In its latest global forecast, the IMF projected that Ethiopian GDP per capita would expand at an annual pace of of 6.2% through 2022—among countries with 10 million or more people, only India and Myanmar are expected to grow faster.
Continue reading this story at Quartz
- The 13 Fastest-growing Economies in the World
- Ethiopia Set to Be the Fastest Growing Country in the World
- In the Fastest-Growing African Economy, Government is the Fuel
- Once famine-stricken, Ethiopia has many lessons for a country like India
- The Ethio-US Footwear Summit: Ethiopia’s Supply of Footwear in US Market Growing