Addis Ababa, June 6, 2017 (FBC) –The World Bank Global Economic Prospect report released yesterday forecast Ethiopian economy to grow by 8.3% in 2017 -making the country the fastest growing economy in the world.
The report outlined despite a ‘fragile’ global economy prospects, growth in Sub-Saharan Africa is recovering, supported by modestly rising commodity prices, strengthening external demand, and the end of drought in a number of countries.
According to the report titled ‘A Fragile Recovery,’ Ethiopia’s economy will be the most expansive in Africa followed by Tanzania, Ivory Coast and Senegal.
Ethiopia is forecast to expand by 8.3 percent, Tanzania by 7.2 percent, Côte d’Ivoire by 6.8 percent and Senegal by 6.7 percent.
The report further stated that growth in non-resource intensive countries was anticipated to remain solid, supported by infrastructure investment, resilient services sectors, and the recovery of agricultural production.