Ethiopia’s GDP growth will exceed and expand the 7 percent mark characteristic of the African continent well into the 2020’s, as per a report by the British Bank Standard Chartered and ASEAN’s Macroeconomic Research Office. Pacing up with Ethiopia is the other African country Cote d’Ivoire.

Madhur JhaA, Standard Chartered’s India-based head of thematic research, and David Mann, global chief economist of the firm, say such growth rate means a doubling of GDP every decade.

Five of the seven quickest-growing economies in the next decade will be in Asia, the report notes, suggesting international investment flows could pivot to the lucrative Asian markets as well, in addition to Africa. Hence, it is suggested, a faster pace of economic expansion in Sub-Saharan African and Asia can save a multitude of problems that troubled the regions for several decades. 

Still, says the report, a complex set of political, social, and economic issues will be hard to tackle in the near-to-medium-term. Many African and Asian nations still need to address corruption, rampant poverty, and high unemployment rates — despite years of robust economic expansion.

Sources: Walta Info, ENA