COVID, conflict and debt hinder Ethiopia s economic reforms
By AFP - Jun 16,2021 - Last updated at Jun 16,2021
By Marion Douet
Agence France-Presse
NAIROBI Shortly after taking office, Prime Minister Abiy Ahmed promised a spectacular overhaul of Ethiopia s tightly-controlled economy: Reforms to spur growth, unshackle the country s potential, and lift millions out of poverty.
But three years on, with elections on June 21, Abiy s agenda remains largely unrealised, and the country burdened with debt, the economic pain of the coronavirus, and a costly war in Tigray. Things are worse now. The country is broke and on the verge of defaulting, said one European diplomat, who asked not to be named.
Le « miracle éthiopien » à la croisée des chemins
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Covid, conflict and debt hinder Ethiopia s economic reforms
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Investment incentives available: Breaks on income and customs taxes; export incentives
Ease of Doing Business rank (2019): 159
Corruption Perceptions Index rank (2019): 96
Political risks: High level of political risk; election postponed until 2021
Security risks: Apart from Covid-19, several areas are very unsafe for travel, especially border areas, due to unexploded land mines and danger of kidnapping
PROS
CONS
Droughts, locusts
High inflation
Sources: AM Best, Government of Canada Global Travel Advisory, International Monetary Fund, Reuters, Risk and Compliance, Portal, Transparency International, US State Department, World Bank
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Ethiopia built an impressive record as a frontier markets overperformer in the past decade. Growth ranged between 8.3% and 11.2% for all but one year between 2011 and 2019, according to the World Bank.