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Ethiopia’s GDP per capita is expected to grow by 37 percent between 2015 and 2019, according to the Economist Intelligence Unit.
This was stated during a press conference held on Thursday, August 6, 2015 at the Sheraton Hotel to announce the Economist’s Ethiopia Summit, which is scheduled to be held from October 28 to 29. The summit is expected to have an attendance of over 250 participants and is set to be officially opened by Prime Minister Hailemariam Dessalegn.
“This is a very exciting time for Africa. We talk a lot in The Economist, Europe and the Americas about the next billion consumers and how much influence and potential there is going to be in Africa. Ethiopia, with its huge population and consumer market represent 10 percent of that, so this country is obviously going to play a very important role in Africa’s growth. The positivity we have felt in this city especially, on the economics and business side things, is really going to be captured at the summit we will be holding here in October,” said Michael Oakes, Head of Programs at The Economist Events.
Oakes further stated that the upcoming event features many high-level officials who will be discussing the Ethiopian economy and the massive opportunities it presents.
“From our Economic Intelligence Unit, when you look at East Africa, foreign direct investment flows increased to USD 6.8 billion in 2014, of which USD 1.2 billion went into Ethiopia, which reflects the huge interest in this country, and we feel that that number should and will be higher,” he said.
According to the Economist Intelligence Unit, Ethiopia’s GDP is forecasted to grow on average by 7 percent annually in the periods between 2015 to 2019.
“We think the figure could and should be much higher, but actually 7 percent is pretty good, especially compared to Europe. A lot of this growth is from the agricultural sector, which is expected to grow by 7.7 percent in the forecasted period,” Oakes said.
Among the several points of discussion at the summit will be the challenges in the Ethiopian banking sector, which is currently closed for foreign investment. The energy sector will also be given attention through several discussions with panelists including Brian Herlihy, CEO and Founder of Black Rhino, as well as Tewodros Ashenafi, founder and CEO of Southwest Energy.