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Ethiopia to become 2018 Africa’s fastest growing economy.
Latest IMF forecasts reveals that Ethiopia will overtake Ghana as the fastest growing economy in 2018. Bretton Woods institution data shows that Ethiopia will record an 8.5 percent growth rate. This will eventually surpass Ghana’s 6.3 percent growth rate.
According IMF, entry of investors such as General Electric Co, Standard Group, as well as other Chinese companies into the Ethiopian economy will further stimulate the country’s US$73 billion GDP. This GDP value is almost double of Ghana’s US$43 billion GDP.
Ghana’s GDP have been dependent on commodity prices since the country became an oil producer in 2010. It’s 8.5 percent growth in 2017 was due to the added new incomes. The highest recorded performance in five (5) years.
In October 2017 forecast said Ghana will record an 8.9 percent growth in 2018, but the latest revision sets the figure at 6.3 percent.
According the IMF forecast, Top 4 fastest growing economies in Africa for 2018 are set as;
- Ethiopia (8.5%)
- Côte d’Ivoire (7.4%)
- Senegal (7%) and
- Ghana (6.3%)