Skip to navigationSkip to content
PARTY'S OVER

Ethiopia, once one of world’s fastest growing economies, is seeing carefully laid plans unravel

REUTERS/Tiksa Negeri
Workers sew clothes inside the Indochine Apparel PLC textile factory in Hawassa Industrial Park in Ethiopia
Addis Ababa

Ethiopia’s once promising economy has run into a wall as the global economic crisis unleashed by the coronavirus pandemic devastates the nation of more than 100 million, forcing IMF to slash its GDP growth forecast for 2020 down to 3.2% from 6.2%.

The Horn of Africa country, home to the continent’s second largest population, had been on a decades-long reform which had seen the country overcome its years of economic upheaval and famine during the 1980s under the Marxist Derg regime, to become one of the world’s fastest-growing nations this century. The country’s economy grew by an average of 10.8% between 2004 and 2014.

At the start of 2020, Quartz Africa noted the one-time miracle economy was slowing and set for a bumpy ride, but the economic crisis in the wake of the pandemic will undoubtedly be much more challenging and may even unravel some of its developmental progress as a nation as its growth slows significantly.

Enrich your perspective. Embolden your work. Become a Quartz member.

Your membership supports a team of global Quartz journalists reporting on the forces shaping our world. We make sense of accelerating change and help you get ahead of it with business news for the next era, not just the next hour. Subscribe to Quartz today.

こちらは英語版への登録ページです。
Quartz Japanへの登録をご希望の方はこちらから。