Ethiopia has one of the fastest-growing economies in the world and is Africa's second most populous country.[28] Many properties owned by the government during the previous regime have now been privatized or are in the process of privatization and the liberalization of its financial sector in the near future.[29] However, certain sectors such as telecommunications, financial and insurance services, air and land transportation services, and retail, are considered as strategic sectors and are expected to remain under state control for the foreseeable future. Almost 50% of Ethiopia's population is under the age of 18. Even though education enrolment at primary and tertiary level has increased significantly, job creation has not caught up with the increased output from educational institutes. The country must create hundreds of thousands of jobs every year just to keep up with population growth.[30]
While Ethiopia does not currently have a stock exchange, it did have one in the past during the reign of Emperor Haile Selassie I, called an 'ākisīyoni gebeya.' It now has a commodity exchange in Addis Ababa called the Ethiopia Commodity Exchange, which was recently established in 2008.[36]
The Ethiopian economy has a large foreign debt, with an overall external debt of 28 billion dollars. China owns over 13 billion dollars of its debt. Its debt to GDP ratio is smaller compared to similar and neighboring countries. Ethiopia currently has 2.4 billion dollars of foreign reserves, representing a decline compared to previous years.[37]
Ethiopia expects itself to reach a middle-income status nation within a couple years, primarily expected to be in 2025.[38]
Ethiopia's resources have enabled the country—unlike most sub-Saharan African countries—to maintain contacts with the outside world for centuries.[39] Since ancient times, Ethiopian traders exchanged gold, ivory, musk, and wild animal skins for salt and luxury goods, such as silk and velvet.[39] By the late nineteenth century, coffee had become one of Ethiopia's more important cash crops.[39] At that time, most trade flowed along two major trade routes, both of which terminated in the far southwest in the Kefa-Jima region.[39] From there, one route went north to Mitsiwa via Gonder and Adwa, the other along the Awash River valley to Harer and then on to Berbera or Zeila on the Red Sea.[39]
Despite its many riches, Ethiopia would stop being a great trading state after fall of Axum.[39] Most Ethiopians despised traders, preferring instead to emulate the country's legendary warriors and priests.[39] After establishing a foothold in the country, Greek, Armenian, and Arab traders became the economic intermediaries between Ethiopia and the outside world.[39] Arabs also settled in the interior and eventually dominated all commercial activity except petty trade.[39]
When their occupation of Ethiopia ended in 1941, the Italians left behind them a country whose economic structure was much as it had been for centuries.[39] There had been some improvements in communications, particularly in the area of road building, and attempts had been made to establish a few small industries and to introduce commercial farming, particularly in Eritrea, which Italy had occupied since 1890.[39] But these changes were limited.[39] With only a small proportion of the population participating in the money economy, trade consisted mostly of barter.[39]Wage labor was limited, economic units were largely self-sufficient, foreign trade was negligible, and the market for manufactured goods was extremely small.[39]
During the late 1940s and 1950s, much of the economy remained unchanged.[39] The government focused its development efforts on expansion of the bureaucratic structure and ancillary services.[39] Most farmers cultivated small plots of land or herded cattle.[39] Traditional and primitive farming methods provided the population with a subsistence standard of living.[39] In addition, many nomadic peoples raised livestock and followed a life of seasonal movement in drier areas.[39] The agricultural sector grew slightly, and the industrial sector represented a small part of the total economy.[39]
By the early 1950s, Emperor Haile Selassie I (reigned 1930–74) had renewed calls for a transition from a subsistence economy to an agro-industrial economy.[39] To accomplish this task, Ethiopia needed an infrastructure to exploit resources, a material base to improve living conditions, and better health, education, communications, and other services.[39] A key element of the emperor's new economic policy was the adoption of centrally administered development plans.[39]
The First Five-Year Plan (1957–1961) sought to develop a strong infrastructure, particularly in transportation, construction, and communications, to link isolated regions.[39] The Second Five-Year Plan (1962–1967) signaled the start of a 20-year program to change Ethiopia's predominantly agricultural economy to an agro-industrial one.[39] The Third Five-Year Plan (1968–1973) also sought to facilitate Ethiopia's economic well-being by raising manufacturing and agro-industrial performance.[39] However, unlike its predecessors, the third plan expressed the government's willingness to expand educational opportunities and to improve peasant agriculture.[39]
During the First Five-Year Plan, the gross national product (GNP) increased at a 3.2 percent annual rate as opposed to the projected figure of 3.7 percent, and growth in economic sectors such as agriculture, manufacturing, and mining failed to meet the national plan's targets.[39] The Planning Commission never assessed the performance of the Second Five-Year Plan and Third Five-Year Plan, largely because of a shortage of qualified personnel.[39] However, according to data from the Ethiopian government's Central Statistical Authority, during the 1960/61 to 1973/74 period the economy achieved sustained economic growth.[39] Between 1960 and 1970, for example, Ethiopia enjoyed an annual 4.4 percent average growth rate in per capita gross domestic product (GDP).[39] Relative to its neighbors, Ethiopia's economic performance was mixed.[39]
By the early 1970s, Ethiopia's economy not only had started to grow but also had begun to diversify into areas such as manufacturing and services.[39] However, these changes failed to improve the lives of most Ethiopians.[39] About four-fifths of the population were subsistence farmers who lived in poverty because they used most of their meager production to pay taxes, rents, debt payments, and bribes.[39]
The 1974 revolution resulted in the nationalization and restructuring of the Ethiopian economy.[39] After the revolution, the country's economy can be viewed as having gone through four phases.[39] Internal political upheaval, armed conflict, and radical institutional reform marked the 1974-78 period of the revolution.[39] There was little economic growth; instead, the government's nationalization measures and the highly unstable political climate caused economic dislocation in sectors such as agriculture and manufacturing.[39] As a result of these problems, GDP increased at an average annual rate of only 0.4 percent.[39]
In the second phase (1978–1980), the economy began to recover as the government consolidated power and implemented institutional reforms.[39] More important, security conditions improved as internal and external threats subsided.[39] GDP grew at an average annual rate of 5.7 percent.[39]
In the third phase (1980–1985), the economy experienced a setback.[39] Except for Ethiopian fiscal year (EFY) 1982/83, the growth of GDP declined.[39] Manufacturing took a downturn as well, and agriculture reached a crisis stage, particularly due to drought that lead to widespread famine.[39]
In the fourth period (1985–1990), the economy continued to stagnate.[39] GDP and the manufacturing sector also grew during this period, GDP increasing at an average annual rate of 5 percent.[39] However, the lingering effects of the 1984-85 drought undercut these achievements and contributed to the economy's overall stag.[39]
Since 1991, the Ethiopian government has embarked on a program of economic reform, including privatization of state enterprises and rationalization of government regulation.[40] While the process is still ongoing, the reforms have attracted foreign direct investment.
In 2015, Ethiopia has 2,700 millionaires, a number that has more than doubled since 2007. Their fortunes are mainly built-in niches of economic rents (banks, mines, etc.) without investing in structural and strategic sectors (industrial production, infrastructure, etc.) and should in no way promote economic development or represent a source of competition for Western multinationals.[41]
The Ethiopian government is stepping up its efforts to attract foreign investors, particularly in the textile sector. They can now import their machines without customs duties, benefit from a tax exemption for ten years, rents much lower than market prices, and almost free water and electricity. Major brands have established themselves in the country, such as Decathlon, H&M and Huajian. These companies also benefit from a cheap labor force, with a monthly salary of around 35 euros. Finally, trade agreements between Ethiopia and the European Union allow them to export duty-free.[42]
Sectors
Agriculture, forestry and fishing
Coffee sorting process is huge since Ethiopia exports over a billion dollars' worth of coffee globallyMap of economic activities in Ethiopia and Eritrea (1976)
As of 2015[update], agriculture accounts for almost 40.5% of GDP, 81 percent of exports, and 85 percent of the labour force.[43] Many other economic activities depend on agriculture, including marketing, processing, and export of agricultural products. Production is overwhelmingly of a subsistence nature, and a large part of commodity exports are provided by the small agricultural cash-crop sector. Principal crops include coffee, pulses (e.g., beans), oilseeds, cereals, potatoes, sugarcane, and vegetables. Exports are almost entirely agricultural commodities, with coffee as the largest foreign exchange earner, and its flower industry becoming a new source of revenue: for 2005/2006 (the latest year available) Ethiopia's coffee exports represented 0.9% of the world exports, and oilseeds and flowers each representing 0.5%.[44] Ethiopia is Africa's second biggest maize producer.[45] In 2000, Ethiopia's livestock contributed to 19% of total GDP.[46]
As of 2008[update], some countries that import most of their food, such as Saudi Arabia, have begun planning the purchase and development of large tracts of arable land in developing countries such as Ethiopia.[47] This land grabbing has raised fears of food being exported to more prosperous countries while the local population faces its own shortage.[47]
Forest products are mainly logs used in construction. The silvicutural properties are used in construction and manufacturing, and as energy sources.[48][49] Ethiopia's fisheries are entirely fresh water, as it has no marine coastline. Although total production has been continuously increasing since 2007, the fishing industry is a very small part of the economy. Fishing is predominantly artisanal. In 2014, nearly 45,000 fishermen were employed in the sector with only 30% of them employed full-time.[50]
Ethiopia produced in 2018:
7.3 million tons of maize (17th largest producer in the world);
4.9 million tons of sorghum (4th largest producer in the world);
101 thousand tons of linseed (7th largest producer in the world);
In addition to smaller productions of other agricultural products.[51]
Textile industry
Employees of Ethiopian garment factories, who work for brands such as Guess, H&M or Calvin Klein, receive a monthly salary of 26 dollars per month. These very low wages have led to low productivity, frequent strikes and high turnover. Some factories have replaced all their employees on average every 12 months, according to the 2019 report of the Stern Centre for Business and Human Rights at New York University
The report states: "Rather than the docile and cheap labour force promoted in Ethiopia, foreign-based suppliers have met employees who are unhappy with their pay and living conditions and who want to protest more and more by stopping work or even quitting. In their eagerness to create a 'made in Ethiopia' brand, the government, global brands and foreign manufacturers did not anticipate that the base salary was simply too low for workers to make a living from."[52]
Mining is important to the economy of Ethiopia as a diversification from agriculture. Currently, mining comprises only 1% of GDP. Gold, gemstones (diamonds and sapphires), and industrial minerals are important commodities for the country's export-oriented growth strategy.[53]
The country has deposits of coal, opal, gemstones, kaolin, iron ore, soda ash, and tantalum, but only gold is mined in significant quantities. In Salt extraction from salt beds in the Afar Depression, as well as from salt springs in Dire and Afder districts in the south, is only of internal importance and only a negligible amount is exported.
Tantalum mining has also been profitable.[54] It was reported that in the late 1980s, the mineral industry lacked importance given that it contributed less than 0.2 percent of Ethiopia's GDP.[55] Mining for gold is a key development sector in the country. Gold export, which was just US$5 million in 2001, has recorded a large increase to US$602 million in 2012.[56] 2001 gold production amounted to some 3.4 tons.[57]
Waterpower and forests are Ethiopia's main energy sources. The country derives about 90 percent of its electricity needs from hydropower, which means that electricity generation, as with agriculture, is dependent on abundant rainfall. Present installed capacity is rated at about 2000 megawatts, with planned expansion to 10,000 megawatts. In general, Ethiopians rely on forests for nearly all of their energy and construction needs; the result has been deforestation of much of the highlands during the last three decades.[58] Ethiopia has set out plans to invest $40 billion to 71 energy projects by 2030[59]
Ethiopian Prime Minister Ahmed with Indian counterpart Prime Minister Narendra Modi meeting for Ethiopia's admission to the alliance
Less than one-half of Ethiopia's towns and cities are connected to the national grid. Petroleum requirements are met via imports of refined products, although some oil is being hauled overland from Sudan. Oil exploration in Ethiopia has been underway for decades, ever since Emperor Haile Selassie I granted a 50-year concession to SOCONY-Vacuum in September 1945.[60]
Recent oil and gas discoveries across East Africa have seen the region emerge as a new player in the global oil and gas industry. As exciting as the huge gas fields of East Africa are, however, the strong decline in oil prices and expectations for an L-shaped recovery with low prices over the coming years are increasingly challenging the economic viability of the industry in this region.[61][62] The reserves are estimated at 4trillion cubic feet (110×10^9m3), while exploration for gas and oil is underway in the Gambela Region bordering South Sudan.[58] The discoveries were expected to drive billions of dollars in annual investment to the region over the next decade.[63] According to BMI estimates, the findings in the last few years are more than that of any other region in the world, and the discoveries are expected to continue for the next few years. However, falling global oil prices are threatening the commercial viability of many of these gas prospects.[64]
A program to privatize state-owned enterprises has been underway since the late 1990s.[58] There has been a large growth of manufacturing in Ethiopia. Several industrial parks have been built with a focus on textiles.
Prior to the outbreak of the 1998–2000 Eritrean–Ethiopian War, landlocked Ethiopia mainly relied on the seaports of Asseb and Massawa in Eritrea for international trade.
Ethiopian Airlines is the largest airline in Africa, and one of the highest grossing airlines in the world with a revenue over 5 billion USD.
The largest bank in Ethiopia, the commercial bank's former headquarters in Addis Ababa, now serving as one of the other head offices.
As of 2016, there are 113,066 kilometres (70,256mi) all-weather roads.[66]
Air
Ethiopian Airlines, is Africa's largest and most profitable airline.[67] It serves 132 destinations and has a fleet size of 141 aircraft.
Rail
The Ethiopian railway network has been rapidly expanding. In 2015, the first light rail in Africa was opening in Addis Ababa. In 2017, the electric Addis Ababa-Djibouti railway began operations. Presently, two other electric railways are under construction: Awash-Woldiya and Woldiya-Mekelle.
In 2020, ministers set out a national transformation strategy called Digital Ethiopia 2025.[68][69] Its aim is to prepare the country for the development of an economy based on digital technology.
Aside from wholesale and retail trade, transportation, and communications, the services sector consists almost entirely of tourism. Developed in the 1960s, tourism declined greatly during the later 1970s and the 1980s under the military government. Recovery began in the 1990s, but growth has been constrained by the lack of suitable hotels and other infrastructure, despite a boom in construction of small and medium-sized hotels and restaurants, and by the impact of drought, the 1998–2000 war with Eritrea, and the specter of terrorism. In 2002 more than 156,000 tourists entered the country, many of them Ethiopians visiting from abroad, spending more than US$77 million.[58] In 2008, the number of tourists entering the country had increased to 330,000.[70] A decade later, in 2019, Ethiopia registered a record of 812,000 tourists visiting the country, bringing a revenue of $3.55 bn (4.2 percent of the gross national product).[71][72]
The following table displays the trend of Ethiopia's gross domestic product at market prices, according to estimates by the International Monetary Fund with figures in millions of Ethiopian Birr.[74]
Year
Gross Domestic Product
GDP (USD)
US Dollar
Birr (millions)
per capita
Exchange
1980
14,665
190
2.06 Birr
1990
25,011
257
2.06 Birr
1995
47,560
148
5.88 Birr
2000
64,398
124
8.15 Birr
2005
106,473
169
8.65 Birr
2006
131,672
202
8.39 Birr
2007
171,834
253
8.93 Birr
2008
245,973
333
9.67 Birr
2009
386,215
398
12.39 Birr
2010
427,026
361
13.33 Birr
2017
1,832,786
823
2020
3,374,349
969
2023
8,499,779
1,473
The current GDP (USD) per capita of Ethiopia shrank by 43% in the 1990s.[75] The economy saw continuous real GDP growth of at least 5% since 2004.
Ethiopia's economy experienced strong, broad-based growth averaging 9.4% a year from 2010/11 to 2019/20. Ethiopia's real gross domestic product (GDP) growth slowed down to 6.1% in 2019/20 due to the COVID-19 pandemic.[77] Industry, mainly construction, and services accounted for most of the growth. Agriculture was not affected by the COVID-19 pandemic and its contribution to growth slightly improved in 2019/20 compared to the previous year. Private consumption and public investment explain demand-side growth, the latter assuming an increasingly important role.[77]
Share of population in extreme poverty over time The African country of Ethiopia has made massive strides towards alleviating poverty since 2000 when it was assessed that their poverty rate was one of the greatest among all other countries.[78] The country has made great strides in different areas of the Millennium Development Goals including eradicating various diseases and decreasing the rate of child mortality.[78] Despite these improvements, poverty is still extremely high within the country.[78] One of the leading factors in driving down poverty was the expansion of the agricultural sector.[78] Poor farmers have been able to set higher food prices to increase their sales and revenue, but this expansion has come at a cost to the poorest citizens of the country, as they could not afford the higher priced food.[78] One of the biggest challenges to alleviating this issue is changing the structure of Ethiopia's economy from an agricultural-based economy to a more industry-based economy.[78] The current strategy for addressing poverty in Ethiopia is by building on existing government systems and development programs that are already in place within the country.[79]
External trade
Ethiopian exports in 2006
Until 2013, the major agricultural export crop was coffee, providing about 26.4% of Ethiopia's foreign exchange earnings. In the beginning of 2014, oilseeds exports have been more important.[80] Coffee is critical to the Ethiopian economy. More than
15 million people (25% of the population) derive their livelihood from the coffee sector.[81] Other exports include live animals, leather and leather products, chemicals, gold, pulses, oilseeds, flowers, fruits and vegetables and khat (or qat), a leafy shrub which has psychotropic qualities when chewed. Cross-border trade by pastoralists is often informal and beyond state control and regulation. In East Africa, over 95% of cross-border trade is through unofficial channels and the unofficial trade of live cattle, camels, sheep and goats from Ethiopia sold to Somalia, Kenya and Djibouti generates an estimated total value of between US$250 and US$300 million annually (100 times more than the official figure).[82] This trade helps lower food prices, increase food security, relieve border tensions and promote regional integration.[82] However, there are also risks as the unregulated and undocumented nature of this trade runs risks, such as allowing disease to spread more easily throughout the region. Furthermore, the government of Ethiopia is purportedly unhappy with lost tax revenue and foreign exchange revenues.[82] Recent initiatives have sought to document and regulate this trade.[82]
Dependent on a few vulnerable crops for its foreign exchange earnings and reliant on imported oil, Ethiopia lacks sufficient foreign exchange. The financially conservative government has taken measures to solve this problem, including stringent import controls and sharply reduced subsidies on retail gasoline prices. Nevertheless, the largely subsistence economy is incapable of supporting high military expenditures, drought relief, an ambitious development plan, and indispensable imports such as oil; it therefore depends on foreign assistance.
In December 1999, Ethiopia signed a $1.4 billion joint venture deal with the Malaysian oil company, Petronas, to develop a huge natural gas field in the Somali Region. By the year 2010, however, implementation failed to progress and Petronas lost its license to develop the field, which is now being invested in by Chinese company, Poly-GCL Petroleum.[83][which?][84] Ethiopia has already begun exporting electricity to Kenya, South Sudan and Djibouti. Earning from this has generated US$300 million annually. After the completion of the Grand Ethiopian Renaissance Dam (GERD) total generation of exports to neighboring countries is expected to bring in us$1 billion annually to the economy. The dam will be the largest hydroelectric power plant in Africa when completed, as well as among the 20 largest in the world.
The economy of Angola remains heavily influenced by the effects of four decades of conflict in the last part of the 20th century, the war for independence from Portugal (1961–75) and the subsequent civil war (1975–2002). Poverty since 2002 is reduced over 50% and a third of the population relies on subsistence agriculture. Since 2002, when the 27-year civil war ended, government policy prioritized the repair and improvement of infrastructure and strengthening of political and social institutions. During the first decade of the 21st century, Angola's economy was one of the fastest-growing in the world, with reported annual average GDP growth of 11.1 percent from 2001 to 2010. High international oil prices and rising oil production contributed to strong economic growth, although with high inequality, at that time. 2022 Trade surplus was &30B/2012 $48B
The economy of Benin remains underdeveloped and dependent on subsistence agriculture and cotton. Cotton accounts for 40% of Benin's GDP and roughly 80% of official export receipts. There is also production of textiles, palm products, and cocoa beans. Maize (corn), beans, rice, peanuts, cashews, pineapples, cassava, yams, and other various tubers are grown for local subsistence. Benin began producing a modest quantity of offshore oil in October 1982. Production ceased in recent years but exploration of new sites is ongoing.
The economy of Burkina Faso is based primarily on subsistence farming and livestock raising. Burkina Faso has an average income purchasing-power-parity per capita of $1,900 and nominal per capita of $790 in 2014. More than 80% of the population relies on subsistence agriculture, with only a small fraction directly involved in industry and services. Highly variable rainfall, poor soils, lack of adequate communications and other infrastructure, a low literacy rate, and a stagnant economy are all longstanding problems of this landlocked country. The export economy also remained subject to fluctuations in world prices.
The economy of Cameroon was one of the most prosperous in Africa for a quarter of a century after independence. The drop in commodity prices for its principal exports – petroleum, cocoa, coffee, and cotton – in the mid-1980s, combined with an overvalued currency and economic mismanagement, led to a decade-long recession. Real per capita GDP fell by more than 60% from 1986 to 1994. The current account and fiscal deficits widened, and foreign debt grew. Yet because of its oil reserves and favorable agricultural conditions, Cameroon still has one of the best-endowed primary commodity economies in sub-Saharan Africa.
The economy of the Central African Republic is $2.321 billion by gross domestic product as of 2019, with an estimated annual per capita income of just $805 as measured by purchasing power parity in 2019.
The economy of the Democratic Republic of the Congo has declined drastically around the 1980s, despite being home to vast potential in natural resources and mineral wealth; their gross domestic product is $69.474 billion as of 2023.
The economy of Ecuador is the eighth largest in Latin America and the 69th largest in the world by total GDP. Ecuador's economy is based on the export of oil, bananas, shrimp, gold, other primary agricultural products and money transfers from Ecuadorian emigrants employed abroad. In 2017, remittances constituted 2.7% of Ecuador's GDP. The total trade amounted to 42% of the Ecuador's GDP in 2017.
The economy of Kenya is market-based with a few state enterprises. Kenya has an emerging market and is an averagely industrialised nation ahead of its East African peers. Currently a lower middle income nation, it plans to be a newly industrialised nation by 2030. Major industries include financial services, agriculture, real estate, manufacturing, logistics, tourism, retail and energy. As of 2020, Kenya had the third largest economy in Sub-Saharan Africa, behind Nigeria and South Africa. By 2023, the country had become Africa's largest start-up hub by both funds invested and number of projects.
The economy of Libya depends primarily on revenues from the petroleum sector, which represents over 95% of export earnings and 60% of GDP. These oil revenues and a small population have given Libya one of the highest nominal per capita GDP in Africa.
The economy of Nicaragua is focused primarily on the agricultural sector. Nicaragua itself is the least developed country in Central America, and the second poorest in the Americas by nominal GDP. In recent years, under the administrations of Daniel Ortega, the Nicaraguan economy has expanded somewhat, following the Great Recession, when the country's economy actually contracted by 1.5%, due to decreased export demand in the American and Central American markets, lower commodity prices for key agricultural exports, and low remittance growth. The economy saw 4.5% growth in 2010 thanks to a recovery in export demand and growth in its tourism industry. Nicaragua's economy continues to post growth, with preliminary indicators showing the Nicaraguan economy growing an additional 5% in 2011. Consumer Price inflation have also curtailed since 2008, when Nicaragua's inflation rate hovered at 19.82%. In 2009 and 2010, the country posted lower inflation rates, 3.68% and 5.45%, respectively. Remittances are a major source of income, equivalent to 15% of the country's GDP, which originate primarily from Costa Rica, the United States, and European Union member states. Approximately one million Nicaraguans contribute to the remittance sector of the economy.
The economy of Rwanda has undergone rapid industrialisation due to a successful governmental policy. It has a mixed economy. Since the early-2000s, Rwanda has witnessed an economic boom, which improved the living standards of many Rwandans. The Government's progressive visions have been the catalyst for the fast transforming economy. The President of Rwanda, Paul Kagame, has noted his ambition to make Rwanda the "Singapore of Africa". The industrial sector is growing, contributing 16% of GDP in 2012.
The economy of Tanzania is a lower-middle income economy that is overwhelmingly dependent on agriculture. Tanzania's economy has been transitioning from a planned economy to a market economy since 1985. Although total GDP has increased since these reforms began, GDP per capita dropped sharply at first, and only exceeded the pre-transition figure in around 2007.
The economy of Togo has struggled greatly. The International Monetary Fund (IMF) ranks it as the tenth poorest country in the world, with development undercut by political instability, lowered commodity prices, and external debts. While industry and services play a role, the economy is dependent on subsistence agriculture, with industrialization and regional banking suffering major setbacks.
The economy of Tunisia is in the process of being liberalized after decades of heavy state direction and participation in the country's economy. Prudent economic and fiscal planning has resulted in moderate but sustained growth for over a decade. Tunisia's economic growth historically has depended on oil, phosphates, agri-food products, car parts manufacturing, and tourism. In the World Economic Forum Global Competitiveness Report for 2015–2016, Tunisia ranks in 92nd place.
The economy of Guyana is one of the fastest growing in the world with a gross domestic product (GDP) growth of 19.9% in 2021. In 2023, Guyana had a per capita gross domestic product of Int$60,648 and an average GDP growth of 4.2% over the previous decade. Guyana's economy was transformed in 2015 with the discovery of an offshore oil field in the country’s waters about 120 miles from Georgetown. Making the first commercial grade crude oil draw in December 2019, sending it abroad for refining.
The economy of Uganda has a great potential and appears poised for rapid growth and development. Uganda is endowed with significant natural resources, including ample fertile land, regular rainfall, and mineral deposits.
The economy of Mozambique is $14.396 billion by gross domestic product as of 2018, and has developed since the end of the Mozambican Civil War (1977–1992). In 1987, the government embarked on a series of macroeconomic reforms, which were designed to stabilize the economy. These steps, combined with donor assistance and with political stability since the multi-party elections in 1994, have led to dramatic improvements in the country's growth rate. Inflation was brought to single digits during the late 1990s, although it returned to double digits in 2000–02. Fiscal reforms, including the introduction of a value-added tax and reform of the customs service, have improved the government's revenue collection abilities.
The economy of Papua New Guinea (PNG) is largely underdeveloped with the vast majority of the population living below the poverty line. However, according to the Asian Development Bank its GDP is expected to grow 3.4% in 2022 and 4.6% in 2023. It is dominated by the agricultural, forestry, and fishing sector and the minerals and energy extraction sector. The agricultural, forestry, and fishing sector accounts for most of the labour force of PNG while the minerals and energy extraction sector, including gold, copper, oil and natural gas is responsible for most of the export earnings.
The economy of Ivory Coast is stable and currently growing, in the aftermath of political instability in recent decades. The Ivory Coast's economy is largely market-based and depends heavily on the agricultural sector. Almost 70% of the Ivorian people are engaged in some form of agricultural activity. GDP per capitaArchived 4 May 2012 at the Wayback Machine grew 82% in the 1960s, reaching a peak growth of 360% in the 1970s, but this proved unsustainable and it shrank by 28% in the 1980s and a further 22% in the 1990s. This decline, coupled with high population growth, resulted in a steady fall in living standards. The Gross national product per capita, now rising again, was about US$727 in 1996. It was substantially higher two decades before.
The economy of Algeria deals with Algeria's current and structural economic situation. Since independence in 1962, Algeria has launched major economic projects to build up a dense industrial base. However, despite these major achievements, the Algerian economy has gone through various stages of turbulence.
1 2 Blas, Javier; Andrew England (20 August 2008). "Arable Land, the new gold rush". Financial Times. London. Archived from the original on 23 September 2009. Retrieved 6 November 2009. Meles Zenawi, the prime minister of Ethiopia, is also enthusiastic. After welcoming a Saudi agriculture delegation a fortnight ago, he said: 'We told them [the Saudis] that we would be very eager to provide hundreds of thousands of hectares of agricultural land for investment.'
↑ Lemenih, Mulugeta; Bongers, Frans (1 January 2011). "Dry Forests of Ethiopia and Their Silviculture". In Günter, Sven; Weber, Michael; Stimm, Bernd; Mosandl, Reinhard (eds.). Silviculture in the Tropics. Tropical Forestry. Vol.8. Springer Berlin Heidelberg. pp.261–272. doi:10.1007/978-3-642-19986-8_17. ISBN9783642199851.
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34.8% (2022 est.) [6] 
4% (2022) [16] 
$10.45 billion (2022 est.) [17] 
$2.4 billion (FY 2022est.) [15] 
