Ethiopia: Double Digit Economic Growth to Continue - World Bank
Posted on :Wednesday , 14th December 2016
In its fifth economic update for Ethiopia, the World Bank reported that the country's growth will remain relatively steady in the coming years. The country has been growing at an average of 11pc over the past decade.
Last year, the country registered a growth of eight percent, despite facing the worst drought in five decades.
Even though the country has reduced the problem of unemployment, the figure is still remained high.
The urban unemployment rate has declined from 23pc in 2004 to 16pc in 2016, according to the latest report from the Central Statistical Agency.
In addition, the report also stressed that Ethiopia's birr is overvalued and it is adversely affecting the country's export revenue.
Over the past four years, the country has been experiencing a downward trend in export revenue. Last year, it reached 2.8 billion dollars from 3 billion dollars in 2014/15.
The real effective exchange rate (REER) has appreciated in cumulative terms by 84pc since the last devaluation in October 2010. Accordingly, the Bank urged the country to devalue its currency.
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