Here we are at the end of the year 2018 . After looking back at the achievement made we ca clearly notice that Ethiopia’s economy is booming, IMF thinks good times are in the horizon. Around 2002 , Ethiopia, the second-most populous country in Africa, was the third-poorest country in the world. Its annual GDP per capita was only about $610. More than 50% of the population earn less than $1 per day , the highest poverty rate in the world. But miraculous from 2000 to 2018 , Ethiopia was the third-fastest growing country of 100 million or more people in the world, as measured by GDP per capita. The country’s poverty rate fell to 28% by 2013 . The outlook for the next five years is bright. In its Global forecast the IMF projected that Ethiopian GDP per capita would expand at an annual pace of of 6.7% through 2023—among countries with 10 million or more people, only India and China are expected to grow faster.
Any country making such progress would be cause for celebration, but because of its size, swelling population, and the depths of its poverty, Ethiopia’s gains are particularly heartening. By 2050, the UN expects the country to grow to 190 million people, from around 100 million today, making it among the fastest-growing large countries in terms of population, too.
The 1970s and 1980s were a period of political and economic turmoil in Ethiopia. The country was led by the brutal military leader Mengistu Haile Mariam, and during his reign the country faced civil war, famine, and failed socialist development policies. Since 1991, the country’s political situation has been relatively stable, and rising living standards have followed.
If the country is able to overcome its political instability, the economic opportunities are immense. An increasingly educated population, improving infrastructure, and investments from China , give Ethiopia the chance to maintain its place among the world’s brightest development stories.
The Ethiopian Ministry of Culture and Tourism announces plans to build a 250 meters (70 floors) tall hotel Called Mesob Tower. Once completed will be one of the tallest towers in Africa .
Source: Ethiopian Ministry of Culture