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Market update: Facts about Ethiopia at a glance
- One of the fastest growing economies in the world
- Largest economy in East and Central Africa
- 6 to 10% economic growth between 2004 and 2020
- Forecast of real GDP growth between 7.8 and 10.0% between 2019 and 2023 (EIU)
- 115 million (2020), expected 200 million in 2050 (United Nations)
- 27th largest country in the world
- 2nd most populous nation in Africa and the 12th most populous country in the world
- Most populous landlocked country in the world
- Ethiopia is a multilingual nation
- Rain-fed agriculture (accounting for almost 50% of GDP) remains Ethiopia’s main source of employment and export earnings
- Ethiopia is one of the founding members of the UN, the Group of 24 (G-24), the Non-Aligned Movement, G-77 and the Organisation of African Unity, with Addis Ababa serving as the headquarters of the African Union, the Pan African Chamber of Commerce and Industry, the UNECA, African Aviation Training HQ, the African Standby Force and much of global NGOs focused on Africa Comission for Africa) and of the Pan African Chamber of Commerce and Industry
High sustainable economic and population growth
- East and Central Africa’s largest economy is on the growth track as Ethiopia’s GDP is expected to increase from US$ 84 billion in 2018 to US$ 93 billion in 2019, US$ 96 billion in 2020 and US$ 92 billion in 2021. (GTAI)
- Ethiopia’s GDP has thus grown more than tenfold between 2000 (US$ 8 billion) and 2018 and more than twelvefold by 2020. (World Bank) As a result, Ethiopia became one of the world’s fastest growing economies and an impressive investment destination in Africa.
- And due to high and sustained investments and its enormous expected population growth from currently 115 million to 200 million in 2050 (United Nations), it is all too likely that Ethiopia will expand its position as East and Central Africa’s largest economic player enormously. Based on these upbeat market developments, the event is to continue its success story.