According to a report published by CNN, a new data from IMF indicates that Africa’s second most populated country; Ethiopia, is 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 a 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.
