Ethiopia could be the engine of economic growth in sub-Saharan Africa

Ethiopia is expected to experience significant growth over the next fiscal year. The GDP should thus increase by 7.5%, announced the Prime Minister of the Ethiopian Abiy Ahmed Ali. An acceleration which should be the most important in sub-Saharan Africa according to him.

"During the coming fiscal year [July 1, 2023 - June 30, 2024], the Ethiopian economy is expected to grow by 7.5%. This is the highest GDP growth rate of any country in Sub-Saharan Africa" explained the leader to the lower house of the federal parliament.

Ethiopia mainly capitalizes on its agriculture. Cereal production should thus increase by 6.3%, while rice yield will double. Following surplus harvests, the country has even started to export its wheat, underlined Abiy Ahmed. Addis Ababa had indeed launched vast agrarian reforms in recent years, for example fixing the soil by planting several billion trees.

If agriculture still represents 33% of Ethiopia’s GDP, the country’s growth is also facilitated by its electricity production, explained Abiy Ahmed. The hydroelectric power stations installed on the Blue Nile allow accelerated economic development, in particular through the Grand Renaissance Dam, a project currently being completed with a capacity of 5,250 megawatts.

Ethiopia is also seeking to make its voice heard in the concert of nations and has thus submitted an official request to join the BRICS. Much in demand, the group of five (Brazil, Russia, India, China, South Africa) is working on its extension and should soon announce its enlargement.

The integration of Ethiopia would provide the country with economic opportunities by linking up with other emerging markets according sputnik news Africa.