After years of accolades for its success, Ethiopia’s economic growth is slowing down recording just about 8% in the 2015/2016 fiscal year.
(Africanews)―For the first time in decades, Ethiopia’s economy has recorded its slowest growth.
According to the BBC, Ethiopia’s economic growth slowed to 8% in the 2015/2016 fiscal year.
Ethiopia’s planning commission says that the country may fail to reach this years projected growth of 11% due to a devastating drought that has affected harvest in most parts of the country.
Earlier this year, The International Monetary Fund (IMF) had warned that Ethiopia’s economy would shrink to 4.5%, but the government dismissed the figures saying that growth would reach 8% .
Analysts predicted that recent protests in the Oromia and Amhara regions which saw dozens of foreign owned firms attacked by protesters could further dampen growth in the country.
Ethiopia has been one of the world’s fastest growing economies with growth averaging 10% over the last 10 years.