Ethiopia has emerged as East Africa’s economic giant with its economic growth fixed at 10.8%, indicating more progress than its neighbour, Kenya.
According to the International Monetary Fund, Ethiopia’s GDP for the year 2017 is expected to hit US$78 billion from US$72 billion recorded last year.
Ethiopia’s new status is attributed to various factors, including improved infrastructure and a teeming population. Ethiopia has also recently become a destination for foreign investors, especially from China.
Ethiopia has experienced a boost in infrastructural development since the government moved to modernise roads, railway and power plants. The country is set to have Africa’s biggest hydroelectric dam upon the completion of work on the Grand Ethiopia Renaissance Dam (GERD).
Footprint to Africa reports that the country is now connected with Djibouti via an electric railway that was launched last October. They have also signed agreements to supply Tanzania and Kenya with power as generation capacity increases.