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Ethiopia predicted as world’s 5th fastest growing economy in 2010

By Tesfa-Alem Tekle

Nov 30, 2009 (ADDIS ABABA) - A new global economic forecast released by the economist magazine has placed Ethiopia as the 5th fastest economy growing country for the year 2010.

The UK-based magazine predicts Qatar as the top fastest growing economies in the world, followed by china, Congo, Turkmenistan and Ethiopia.

The magazine argued that, with IMF rewarding the government’s economic management with financial support, and a strong performance in agriculture, will make Ethiopia among the top five economy booming countries.

It further said that Ethiopia’s GDP is expected to reach 35 Billion USD in 2010.

If the forecast went accordingly, Ethiopia could soon become an economic power in the horn of Africa’s region, surpassing Kenya.

Ethiopia expects double-digit growth in 2010 for a seventh year running

While addressing to parliament, Ethiopian president Girma Woldegiorgis
Last month said that country will register a growth rate of more than 10 percent for the seventh consecutive year and keep inflation at less than 10 percent.

Ethiopia’s gross domestic product (GDP) is expected to grow 10.1 percent during 2009.Ethiopian opposition parties routinely say the government’s economic statistics are unreliable. The government denies that.

The current leadership led by Prime Minister Meles Zenawi has a mission to join the country in to the middle income countries category over the coming two decades.