Ethiopia: With peace talks approaching, will the economy bounce back?
By Fred Harter
Posted on Tuesday, 9 August 2022
A view shows groceries at the Mercato open-air marketplace in Ketema, district of Addis Ababa, Ethiopia July 21, 2022. REUTERS/Tiksa Negeri
Once hailed as the economic miracle of Africa, Ethiopia is reeling from the pandemic and more so from the Tigray civil war. The cost of rebuilding health centres, government offices and other infrastructure is likely to be billions of dollars, but will the prospect of peace help steer the economy back on track?
Two years ago, Thomas Endrias used to find regular employment as a day labourer at construction sites in Addis Ababa, but lately, he struggles to find shifts. “There’s little work now,” he tells The Africa Report. “I am just sitting around.”
Ethiopia has been one of the world’s fastest economies over the last 15 years, recording average annual growth of 9.5%, according to the World Bank. Much of it was fuelled by huge spending on infrastructure and agribusiness as the country attempted to replicate the ‘economic miracle’ of East Asia through centralised planning.
Read more: https://www.theafricareport.com/229679/ethiopia-with-peace-talks-approaching-will-the-economy-bounce-back/