Real gdp growth rate of kenya and its regional peers %, 202016f source. For the 201617 audit season, we have fully implemented our. Tailwinds and headwinds the economic outlook is positive, and real gdp growth is projected to stabilize at 7. Imf economic reports have become another way for ethiopia. The world bank public disclosure authorized ethiopia.
Georgieva welcomed the appointment of sayeh and praised her former eightyear tenure as head of the imfs africa department 20082016. Imf s new report highlights ethiopia s inclusive growth. In 2011, the international monetary fund imf artfully disagreed concluding, strong growth in ethiopia has continued in 201011 that the mission estimates at 7. Official pdf, 80 pages world bank documents world bank group.
Outlook the ethiopian economy has experienced impressive growth performance over the last decade with average gdp growth rate of 11 %, which is about double of the average. With about 109 million people 2018, ethiopia is the second most populous nation in africa after nigeria, and the fastest growing economy in the region. Exports underperformed relative to projections, owing to a weak external environment. By hailemichael derese tigrai online, october 21, 20. Ethiopia aims to reach lowermiddleincome status by 2025. Ethiopia is one of seven countries being supported by the world bank, through funding from the bill and melinda gates foundation bmgf, to strengthen the production of householdlevel data on agriculture. Imfs board met earlier this week for a country consultations on ethiopia, following a report it received from a mission that has visited the country back in midseptember 2017.
Each report, prepared by a staff team after discussions with government officials, is. World bank lauds ethiopias economic growth in a report. Water quality testing questionnaire, report and data included in the. External imbalances and inadequate reserve buffers remain key risks to ethiopias economy, warn the board of directors of the international monetary fund imf. The report also notes that six of ten economies forecast to grow the most in 2018 are in africa, with ghana taking the lead, closely followed by ethiopia. Imfs new report highlights ethiopias inclusive growth.
Ethiopia has recorded annual average gdp growth of about ten percent in the last decade, driven by public investments in agriculture and infrastructure. Ethiopia is africas fastestgrowing economy world economic. World economic outlook international monetary fund. Use the free adobe acrobat reader to view this pdf file. Global finance magazine ethiopia gdp and economic data.
Selected economic and financial indicators, 2014 201516. Although data showing healthy export growth points to a good start to fiscal year 2019a2020 july 2019july 2020, the outbreak of coronavirus will be taking a heavy toll on the economy. But a new ethiopia is emerging from troubled times and the latest international monetary fund imf forecast says ethiopia will be the fastestgrowing economy in subsaharan africa in 2018. In ethiopia in 2015 there were continuing government crackdowns on opposition political party members, journalists, and peaceful protesters, many of whom experienced harassment, arbitrary arrest. Ethiopia the second most populous country in africa is a oneparty state with a planned economy. However, according to the international monetary fund imf 2016 country report, ethiopias macroeconomic outturn since 201516 has been adversely affected by a severe drought and the weak global economic environment. Ethiopia is one of the fastestgrowing economies in the world quartz. Am best ethiopia gdp per capita and population 0 50 100 150 200 250 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 ethiopia kenya tanzania gabon egypt nigeria u s d m ill i on s gd per c ap itopul on source.
The federal democratic republic of ethiopia and the imf. From 16 march, antoinette sayeh, 62, given the green light by the imf executive board, will join the team of deputy managing directors who support georgieva in her missions at the head of the imf. Apr 21, 2020 socioeconomic survey 20152016, wave 3. Determinants of foreign direct investment in ethiopia. Jan 19, 2018 external imbalances and inadequate reserve buffers remain key risks to ethiopias economy, warn the board of directors of the international monetary fund imf. The information provided in this document has not been updated since the data collection of the oecd 2016 report. Our remit aims at helping those who deliver public services to strengthen good governance, enhance performance and services. African economic outlook 2016 african development bank. Browse additional economic indicators and data sets, selected by global finance editors, to learn more about ethiopia. Annual audit report 2016 8 introduction public sector external audit is conducted by the auditor general supported by national audit office. Ethiopia global economic prospects examines trends for the world economy and how they affect developing countries.
According to imf estimates, from 2000 to 2016, ethiopia was the thirdfastest. Potential pathways for ethiopia to 2040 africa portal. Pdf determinants of foreign direct investment in ethiopia. On january 12, 2018, the executive board of the international monetary fund imf concluded the article iv consultation1 with the federal democratic republic of ethiopia. Last week, imf released a highly informative report on the state of the ethiopian economy, which, according to imf, has sustained high growth spurred by bold national plans. Ethiopias debt sustainability rating deteriorated to high risk in 2018 because of worsening terms of trade and the subsequent weak export performance. The imf annual report, which covers the period may 1, 2015 to april 30, 2016, discusses all of these issues, plus a wide range of policy matters that the executive board addressed during the year. Country report 2017 includes ethiopia real gross domestic product growth rate, with latest forecasts and historical data, gdp per capita, gdp composition and breakdown by sector. Urban unemployment increased in 2018 to 19 percent from 17 percent in 2016.
Cote divoire djibouti egypt equatorial guinea eritrea ethiopia gabon gambia ghana guinea guineabissau kenya lesotho liberia libya madagascar malawi mali mauritania mauritius. The newly issued fiveyear second growth and transformation plan gtp ii envisages continued high growth and public infrastructure investment, while placing a greater emphasis on private sector development and foreign direct investment fdi, competitiveness, and exportoriented industrialization. World bank, 2016 kenyas growth trajectory has been underpinned by various sectors, ranging from agriculture and. Each report, prepared by a staff team after discussions with government officials, is published at the option of the member country. Ethiopias merchandise export, incurred in losses amounting usd 11 million during the first weeks of march. The world bank public disclosure authorized ethiopia growth. According to the latest world bank global economic prospects report, ethiopias economy is forecast to grow at 8. The authorities determined actions to control public borrowing and imports has reduced the current account deficit. Managing ethiopias unsettled transition crisis group. But the imfs growth predictions are lower than those projected in ethiopias fiveyear growth and transformation plan gtp. The staff report prepared by a staff team of the imf for the executive boards consideration on september 26, 2016, following discussions that ended on june 22, 2016, with the officials of the federal democratic republic of ethiopia on.
The analysis and projections contained in the world economic outlook are integral elements of the imf s surveil. However, inflows to the continent remained unevenly distributed, with five countries angola, egypt, nigeria, ghana and ethiopia accounting for 57 per cent of the total. The chart is generated using data from the 2017 world economic outlook, juxtaposing the two countrys population growth rates for the last two decades. Over the past 15 years, ethiopia has achieved a significant economic turnaround. Ethiopia is now experiencing a growth recovery after the 201516 drought. Republic of ethiopia staff report for the 2016 article iv consultationdebt sustainability analysis ethiopia s risk of external debt distress remains moderate, although external vulnerabilities have increased. As a result, output growth is estimated to have slowed down. Debt dynamics and development finance in africa, was prepared by a team of unctad contributors, headed by junior roy davis, and composed of the following people. Growth was sustained in 2015 while inflation picked up. The report includes countryspecific threeyear forecasts for major macroeconomic indicators, including commodity and financial markets. Ethiopias growth miracle, coupled with its large population and significant land mass, has attracted. Based on information available at the time of these discussions, the staff report was completed on november, 2018. The staff report prepared by a staff team of the imf for the executive board s consideration on september 26, 2016, following discussions that ended on june 22, 2016, with the officials of the federal democratic republic of ethiopia on economic developments and policies.
The imf formally came into existence on 27 december 1945, when the first countries ratified its articles of agreement. To reinvigorate modest growth at a time of uncertainty about a complicated global economy, the imf membership endorsed a threepronged approach of monetary, fiscal, and structural policies to get the world economy back on a stronger and safer growth track. Imf for the executive board s consideration on november 30, 2018, following discussions that ended on september 26, 2018, with the officials of the federal democratic republic of ethiopia on economic developments and policies. Meanwhile the international monetary fund in january.
Imf economic reports have become another way for ethiopia to. The report assesses the changes under the previous national plan, the plan for accelerated and. The dwindling reserves prompted both the imf and the world bank to declare ethiopia at high risk of external debt distress. Ethiopias economy experienced strong, broadbased growth averaging 9.
World bank national accounts data, and oecd national accounts data files. Table 1 2019 ethiopia recent developments november and. The last imf report for the annual article iv consultations with ethiopia, produced last october, underlines these developments. Ethiopias average annual gdp growth has been around 10% in the past decade buoyed by government investment in agriculture and infrastructure. Socioeconomic survey 20152016, wave 3 ethiopia, 2015 2016. For optimum experience we recommend to update your browser to the latest version. Ethiopia economic outlook african development bank.
In 2016, ethiopia ranked 116th out of 188 countries on the undps. Selected issues this selected issues paper on the federal democratic republic of ethiopia was prepared by a staff team of the international monetary fund as background documentation for the periodic consultation with the member country. Statistics manual gfsm standards is an urgent task. However, exports remained stagnant in 2016 17 and drought conditions lingered in some areas. Jun 27, 2014 but the imfs growth predictions are lower than those projected in ethiopias fiveyear growth and transformation plan gtp. This report presents an integrated assessment of ethiopias future prospects using the international futures. Similarly, the african development bank reported that eritreas real gdp growth was 4. Over the last ten years, the country has achieved doubledigit growth in real terms, averaging 10. In its discussions on economic development and government policies, the fund noted that the policy of massive investment in key areas to build the foundation of growth had had positive results for the economy and. On november 30, 2018, the executive board of the international monetary fund imf concluded the article iv consultation. African economic outlook 2016 algeria angola benin botswana burkina faso burundi cabo verde cameroon central african republic chad comoros congo congo, dem. Economist and cottl, mesfin girma economist and cottl, ruth hill sr.
Imf executive board concludes 2018 article iv consultation with the federal democratic republic of ethiopia. Outlook the ethiopian economy has experienced impressive growth performance over the last decade with average gdp growth rate of 11 %, which is about double of the average growth for sub saharan africa. Increased unemployment and inflation presumably translate into slower poverty reduction in urban areas. The year was marked by difficult challenges and milestone achievements. For decades, mere mention of the country has conjured up images of famine and conflict. Jun 06, 20 in 2011, the international monetary fund imf artfully disagreed concluding, strong growth in ethiopia has continued in 201011 that the mission estimates at 7.
Ethiopia economy gdp, inflation, cpi and interest rate. The mission sees lower growth for 201112, at about 6 percent, on account of high inflation, restrictions on. For more than a decade before 2016, gdp grew at a rate between 8% and 11% annually one of the fastest growing states among the 188 imf member countries. Jan 18, 2018 ethiopia imf on 17 january 2018 the international monetary fund imf issued a report following the conclusion of consultations with ethiopia under article iv of the imfs articles of agreement. The g20 compact with africa cwa initiative, under the g20 finance track, provides a framework for supporting private investment, including infrastructure, in africa. In recent years, the imf has released a growing number of reports and other documents covering economic and financial developments and trends in member countries. Ethiopias real gross domestic product gdp growth decelerated to 7. It is based on the premise that significant progress can be achieved when african countries, g20 members and partner countries, and international organizations ios work. Ethiopias economy will show robust growth imf the africa. Imf executive board concludes 2016 article iv consultation with the federal democratic. Ethiopias economy experienced strong, broadbased growth. At the 2016 imfwbg annual meetings, governors will consider broad proposals on the forward look document. International monetary fund 700 19th street, nw washington, d.
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