According to a World Bank report, the Ethiopian economy will maintain its growth lead for the East African region. The economy, however, dropped a step in growth forecast in the Sub-Saharan Africa (SSA) region, falling behind Ghana. In June 2017, the WB forecast Ethiopia as the most expansive in SSA pegging growth at 8.3%. The latest forecast puts Ethiopia at a percentage point behind Ghana. The West African nation is forecast to grow at 8.3% as against Ethiopia’s 8.2%.

Among East African countries, Ethiopia is likely to remain the fastest growing economy, but growth is expected to soften as it takes measures to stabilize government debt. Other 2018 forecasts for the East African region’s economic giants are Kenya (5.5%), Tanzania (6.8%), Uganda (5.1%) and Rwanda (5.9%). Ethiopia beat Kenya last year to become economic giant of the region according to the IMF.

The WB’s Global Economic Prospects report released on January 10, 2018, said there was a modest recovery underway in Sub-Saharan Africa buoyed by an improvement in commodity prices.

Under the area of outlook, the report said regional growth was projected at 3.2% for this year up to an average of 3.6% in 2019 – 2020. It hinted at a solid performance for non-resource-intensive countries hinging it to public investment growth. “Non-resource-intensive countries are projected to expand at a solid pace, helped by robust public investment growth. Economic activity is expected to remain solid in WAEMU, with Ivory Coast and Senegal expanding at a rapid pace,” the report added.

http://www.africanews.com/2018/01/11/ethiopia-to-remain-east-africa-s-fastest-growing-economy-world-bank-forecast/

According to the Minister of Culture and Tourism, Ethiopia earned more than $1.8 billion from tourism in the first half of this Ethiopian fiscal year, which ended on last Monday, January 8, 2018.

A total of 485,806 foreign tourists have visited the country during the past six months. The country’s rugged mountains (some 25 are over 4000 meters high) broad savannah, lakes and rivers, the unique Rift Valley and volcanic lakes, birdlife and the Blue Nile falls are some of the natural attractions in Ethiopia.

The medieval city of Gondar, with more castles, palaces and churches; the ancient capital of the Queen of Sheba and Ethiopia’s holiest city, Axum, where the original Ark of the Covenant containing the Ten Commandments was seen, are the other tourist attractions in Ethiopia.

The Minister said the revenue secured in this half year surpassed by 10.8 percent, compared to the same period last year.

She attributed the successes to the collaborative efforts between her ministry and the Ministry of Foreign Affairs, as well as other stakeholders in promoting the tourist attraction sites of the country.

Ethiopia targets to earn $4.5 billion from tourism this fiscal year.

http://apanews.net/index.php/en/news/ethiopia-earns-18b-from-tourism-in-half-year/

Invitation to attend the cultural show and  ceremony to be held on 13 January 2018 in Luxembourg.

Ethiopia is working to improve the provision of education to refugees sheltering in camps in the country through the Administration for Refugee and Returnees Affairs (ARRA). Through the activities carried out so far,  gross enrolment rate in primary education for refugees has reached 70.5 percent in 2017, according to ARRA. Currently, some 177,745 refugees are enrolled in primary, secondary, pre-school, and alternative education in refugee camps in various parts of the country. Ethiopia hosts more than 850,000 refugees mainly from Eritrea, Somalia and South Sudan in 27 camps.

The primary education enrolment rate has increased by 8.5 percent compared to the previous year.  Through the campaign conducted under the motto of “No school-age child shall be out of school”, the institution has managed to ensure some 20,573 new enrolments in 2017. Construction of schools and deployment of qualified teachers are also among the activities that ARRA is engaged.

Education in Emergency Team Leader at Save the Children, Abera Mekonen told ENA that efforts are being exerted to improve refugees’ access to education in collaboration with the government and other stakeholders. The support covers childhood care, early childhood education, primary education and alternative basic education. “Education is very important even in an emergency, it is a sign of stability, and school is a centre of safety and protection.”

In addition to enabling refugees to attend primary education; ARRA has also been working on secondary and tertiary school programs for refugees by providing scholarships.

The government has provided scholarships for refugees, mainly Eritreans, since 2010; however, the program was opened for refugees from South Sudan and Somalia since in 2012. Some 2,386 refugees have so far joined public universities through government scholarship program. In 2017 alone, some 514 refugees have joined public universities through the program.

Ethiopia is home to the world’s 5th largest refugee population, hosting more than 850,000 refugees.

The Ethiopian government said on 3 January that it has generated more than 334 million U.S. dollars from the export of coffee to the global market during the past five months.

The announcement by the Ethiopian Coffee and Tea Development and Marketing Authority on Wednesday said that the east African country has secured the reported amount of revenue from the export of 92,136 tons of coffee to the global market.

Ethiopia is one of Africa’s largest producers of Arabica coffee, in which coffee production is dubbed as the backbone of the country’s agriculture-led economy.

The east African country had generated a record 866 million U.S. dollars from the export of coffee last Ethiopian fiscal year from the export of 221,000 tons of coffee to 56 countries worldwide.

Ethiopia’s coffee export earnings for the 2016/2017 fiscal year saw a 92 percent achievement of the initial target, which was set by the state-owned Ethiopian Coffee and Tea Development and Marketing Authority.

Germany, Saudi Arabia, the United States, Belgium, Sudan and South Korea were among the top importers of the Ethiopian coffee, accounting for close to 86 percent of the total coffee exported from Ethiopia last fiscal year.

 

 

 

Ethiopia is among the 17 economies which are projected to grow faster than China in Purchasing Power Parity (PPP) terms this year, according to projections in the Global Economy Watch published by international professional services firm PriceWaterhouseCoopers (PwC). The other countries include India, Ghana, and the Philippines. The PwC analysis added that eight of the ten fastest growing countries in 2018 could be in Africa.

According to PwC, China, the world’s largest economy in PPP terms, could grow by 6 to 7 percent in 2018, slower than previously, but in line with expectations. The global economy is set to grow by almost 4.0 percent this year in PPP terms, adding an extra 5 trillion USD to global output at current values. The main engines of the global economy — the United States, emerging Asia and the Eurozone — are expected to contribute almost 70 percent of economic growth in 2018, compared with their post-2000 average of around 60 percent.

The United Nations had in its world economic prospects report launched early last month stated that the world economy is expected to remain stable in 2018 and 2019, maintaining the growth rate of 3.0 percent in 2017.

http://www.malaysiandigest.com/business/715888-ethiopia-among-few-economies-seen-growing-faster-than-china-in-ppp-terms-in-2018-says-pwc.html

The Chinese-built 756-km electrified rail project connecting Ethiopia to Djibouti officially started commercial operations on 1 January with a ceremony held in Addis Ababa.

Contracted by two Chinese companies, the first 320 km of the rail project from Sebeta to Mieso was carried out by the China Rail Engineering Corporation (CREC), while the remaining 436 km from Mieso to Djibouti port section was built by the China Civil Engineering Construction Corporation (CCECC). Speaking on the occasion, Ahmed Shide, Ethiopian Minister of Transport, hailed the standard gauge project as a milestone in China-Africa cooperation.

In addition to further enhancing economic ties as well as the people-to-people links between Ethiopia and Djibouti, it will have a significant contribution to the ongoing development efforts of building a new Ethiopia, said the minister. Emphasizing on its huge significance and importance, Tan Jian, Chinese Ambassador to Ethiopia, noted that the project would contribute to the industrialization and diversification of the Ethiopian economy, and also towards the country’s growth and transformation plan. The ambassador has reiterated China’s commitment to further cooperating and closely working with Ethiopia and Djibouti to the railway’s smooth operation. The Addis Ababa-Djibouti railway project has been carried out with an investment of 4 billion U.S. dollars, and China’s Exim Bank has provided a loan.

Speaking on his part, Djibouti Ambassador to Ethiopia, Mohamed Idriss Farah, said the railway project would have a significant contribution to the economic integration between Djibouti and Ethiopia. “This is an important corridor, important railways between Djibouti and Ethiopia; we are working for our economic integration between our two countries. And this project was part of the economic integration, but not only economic integration but also connecting the peoples of Djibouti and Ethiopia,” said the ambassador.

The railway provides both passenger and freight services between Addis Ababa and Djibouti.

http://www.xinhuanet.com/english/2018-01/01/c_136865306.htm