Tuesday 26 October 2010

G-10 member Ethiopia's economy to grow by 8% - IMF

According to the International Monetary Fund (IMF), Ethiopia's economy is expected to increase by 8 percent in the upcoming year. This would make Ethiopia the second fastest growing African economy after Angola.

The top ten biggest economies in Africa and their GDP world ranking in 2009 was South Africa (32), Egypt (42), Nigeria (44), Libya (64), Sudan (66), Tunisia (74), Ethiopia (83), Kenya (85), Cameroon (93) and Tanzania (94) according to IMF. The ten countries make up the G-10 or the Group of Ten largest African economies.

Despite the overall economic growth in the country, Ethiopia still has one of the lowest GDP per capita in the world. A recent ranking put Ethiopia near the bottom of the world in prosperity index (107th out of 110 countries in the world).

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