Ethiopia is One of The Five Fastest Growing Countries in World: IMF

ADDIS ABABA—International Monetary Fund (IMF) reported that  Ethiopia is one of the five fastest growing countries in the World.

In its 2014 yearly report, IMF announced that the  2015 GDP of the is  expected  to be 10.5 per cent.

Quoting CIA World Factbook,    the report indicated that  agriculture has made up nearly half of the country’s GDP and  foreign investment has only recently begun to take hold in the African nation

IMF noted that Qatar and Ethiopia couldn’t be more different, high economic growth aside. Thirty years ago, Ethiopia weathered a “biblical famine” that cost the lives of more than 1 million people, and the country’s still transitioning into modernity today.

In comparison with other fast economic growth nations of the East Asian countries, IMF quoted Ethiopia’s Economic growth rate is green.

Accordingly the countries agricultural base economy provides an opportunity of cheap labor that can transform in to a manufacturing sector.

With the global economy bouncing back slowly but surely from the recession, some of the world’s top emerging economies are seizing the opportunity to shine.

China, the world’s most successful emerging market since the dawn of the millennium, just surpassed the U.S. as the globe’s largest economy in terms of purchasing power parity.

 

 Meanwhile, India, Brazil, and Russia have all captured spots among the globe’s 10 largest economies, catapulted to the top by growing middle classes, urbanization, and large populations. But Russia’s and Brazil’s economies in particular have slowed down recently, and even China has felt pressure from a swelling housing bubble and slowing foreign investment.

Source:IMF

Kasmaal Information Center /Mogadisho/Somalia