CNBC Africa
Ethiopia’s economy grew by 6% despite COVID-19 shocks
Ethiopia’s economy grew by 6 per cent in the 2020 financial year despite the COVID-19 pandemic.
“Six percent is a very good performance considering what was going on around the world,” Zemedeneh Negatu, Chairman of the U.S.-based Fairfax Africa Fund, tells CNBC Africa.
What did Ethiopia do right?
“Last year [Ethiopia] took rapid early remedial actions against COVID and interestingly they actually took a contrarian view to combat it, ” Zemedeneh says. “They did not lockdown the economy although they did take measures to safeguard the public from the COVID pandemic.”
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Related:
Business: Ethiopian Economy Regaining Momentum in 2021
CNBC Africa
Fairfax Africa Fund Chair, Negatu sees Ethiopian economy regaining momentum in 2021
March 15th, 2021
Ethiopia’s economy saw a slowdown in the fourth quarter of 2020 despite the country having some of the laxest COVID-19 measures in the region.
“Overall considering what’s going on around the world and in Africa and based on data from the African Development Bank and IMF comparatively speaking Ethiopia is doing better than most African countries [and regaining its momentum],” says Chairman of the U.S.-based Fairfax Africa Fund Zemedeneh Negatu.
Read more and watch the video at cnbcafrica.com »
African Development Bank: African Economic Outlook 2021
Recent macroeconomic and financial developments in Ethiopia
Ethiopia’s economy grew by 6.1% in 2020, down from 8.4% in 2019, largely because of the COVID–19 pandemic. Growth was led by the services and industry sectors, whereas the hospitability, transport, and communications sectors were adversely affected by the pandemic and the…