Ethiopia is Africa’s champion of growth and good prospects. The numbers look good, the future looks extremely promising for this country that is to be Africa’s Industrial Powerhouse.
AFK Insider points at some important statistics. Except for Rwanda, Ethiopia is the only African country whose economic growth has been consistently high for more than a decade without relying on a natural resource boom. Between 2004 and 2014, per capita growth in Ethiopia was 8 percent per year, the highest percentage on the continent during this period.
A construction boom, increased agricultural productivity and increasing manufacturing activity account for the main part of the growth. Manufacturing has grown 11 percent per year, exports of footwear and apparel increased more than tenfold. Also, Ethiopian floriculture sector has made important contributions to overall economic development. The industry grew from a single firm in 2000 to about 100 in 2014.
Still there is room for improvement. Ethiopia scores below the African average on diversification, export competitiveness, productivity and technological upgrading. With its low labour costs, Ethiopia might be on the right track to catch up with countries like China and Vietnam and even with more advanced economies in the West.
Further reading on afkinsider.com