Ethiopia’s economy seeing strong growth in Africa
There is worldwide agreement that Ethiopia is becoming one of the leading economies in the world.
The recent World Economic Forum (WEF) on Africa saw strong growth and investment gravitating towards Ethiopia.
In the last two years, Ethiopia has risen from the fourteenth place on the list of African foreign direct investment (FDI) recipients to the second place and the number of projects in the country has spiked by 88%.
“Ethiopia has a government that is managing economic development in a very deliberate, cautious manner. It’s the second-most populous country in Africa. It hasn’t urbanised like other African countries, but it’s going to. It’s a very exciting place,” remarked Ross McLean, Dow Chemical’s sub-Saharan African president.
The International Monetary Fund (IMF) growth projections for Ethiopia are 8.6% for 2015 and 8.5% for 2016, correlating with growth of 10.3% in 2014.
“We will leave no stone unturned to make this country a suitable destination for foreign investment,” Prime Minister Hailemariam Desalegn said at the opening of a production plant at Mugher, about 80 km west of Addis Ababa.
Ethiopia’s rise illustrates the power of effective and purposeful leadership as well as the prudent management of resources.