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The Ethiopian economy has a large foreign debt, with an overall external debt of 28 billion US dollars. China owns over 13 billion dollars of its debt. Its debt to GDP ratio is smaller than similar and neighboring countries. Ethiopia currently has 2.4 billion dollars of foreign reserves, representing a decline compared to previous years. [38]
PPP largely removes the exchange rate problem, but has its own drawbacks; it does not reflect the value of economic output in international trade, and it also requires more estimation than nominal GDP. [4] On the whole, PPP per capita figures are more narrowly spread than nominal GDP per capita figures. [5]
The Economy of East Africa is characterized by diverse sectors, with agriculture playing a pivotal role, employing the majority of the population and contributing significantly to GDP. Key crops include coffee, tea, and horticultural products.
As of 2022, Addis Ababa generates 29% of Ethiopia's urban GDP and 20% of national urban development. Over the last two decades, the city saw rapid socioeconomic changes and physical transformation marked by development-oriented government and the private sector. However, the city has experienced infrastructure, transport, services, youth ...
This would lead to government initiative to bring economic development and reducing poverty. [1] In 2020, Ethiopia totally registered 518,000 tourists, being 126th rank in the world. It generated 2.28 million dollars in the tourism sector alone, corresponds to 2.1% GDP and approximately 5.4% of all international tourism receipts in East Africa. [6]
Like thousands of other Ethiopian women, stitching shawls for export to the United States pays the 40-year-old textile worker's rent and her daughter's school fees. Now though, Finoteselam's job ...
The National Bank of Ethiopia (NBE) in 2008. On 29 July 2024, the National Bank of Ethiopia (NBE) relaxed restrictions on the value of the Ethiopian birr to secure a loan of $10.7 billion from the International Monetary Fund (IMF) and World Bank. [1]
The Ethiopian government used money from a World Bank-financed health and education initiative to brutally evict thousands of villagers , according to former government officials who helped carry out the forced removals. The World Bank, the planet's most influential development lender, has denied responsibility.