What is the economic development of Ethiopia?

Ethiopia is an independent country in northeast Africa.

Ethiopia is a landlocked country in northeast Africa, bordering Djibouti and Somalia in the east, Sudan and South Sudan in the west, Kenya in the south and Eritrea in the north. The plateau covers 2/3 of the national area, with an average elevation of nearly 3,000 meters, and is known as the "roof of Africa".

Ethiopia's territory is dominated by mountainous plateaus, and most of them are subordinate to Ethiopian plateaus. The central and western regions are the main part of the plateau, accounting for 2/3 of the whole territory. The Great Rift Valley runs through the whole territory, and the terrain around the plateau gradually declines.

Economic situation in Ethiopia

Ethiopia is dominated by agriculture and animal husbandry, and its industrial base is weak. During mengistu's administration, the economy nearly collapsed due to constant civil strife, improper policies and frequent natural disasters. After EGFP came to power, it implemented the development strategy of taking economic construction as the center and agriculture and infrastructure construction as the guide, and made a transition to a market economy, with rapid economic recovery, with an average annual economic growth of 7% from 1992- 1997.

198 After the border conflict between Egypt and Eritrea broke out, the economic development was frustrated. 200 1 Taking the progress in the peace process between Ethiopia and Eritrea as an opportunity, the Ethiopian government turned its focus to economic construction. In 2002, the government implemented the plan of sustainable development and poverty reduction, and successively adopted measures such as revising investment and immigration policies, reducing export taxes and bank interest rates, strengthening capacity building and popularizing vocational and technical training, which were affirmed by international financial institutions. However, due to the severe drought in 2002, the economic growth rate slowed down and resumed in the following year.

Since 2005, the government has implemented the "agriculture-led industrialization development strategy", increased agricultural investment, vigorously developed emerging industries, export-oriented industries, tourism and aviation industries, and attracted foreign investment to participate in the development of Ethiopia's energy and mineral resources, maintaining a high-speed economic growth of over 8%. The United Nations regards Ethiopia as a model for achieving the Millennium Development Goals.

In 20 10, after winning the multi-party parliamentary election, ECF began to formulate and implement the first five-year "economic growth and transformation plan", focusing on strengthening infrastructure construction such as hydropower stations and railways, and accelerating the development of manufacturing industry, with the goal of becoming a middle-income country by 2025.

In 20 15, the first five-year "economic growth and transformation plan" was successfully completed. The second five-year "economic growth and transformation plan" will be implemented from 20 16. In June 2020, the Ethiopian government issued a development plan for the next decade with the theme of "Ethiopia: a beacon of prosperity in Africa".

Reference to the above contents: Ministry of Foreign Affairs of China-Ethiopian Country Profile