Thursday, 27 June 2013


Ethiopia was one of the fastest growing economies in the world, registering over 10% economic growth from 2004 through 2009. It was the fastest-growing non-oil-dependent African economy in the years 2007 and 2008. Growth has decelerated moderately in 2012 to 7% and is projected to be 6.5% in the future – reflecting weaker external demand and an increasingly constrained environment for private sector activity. Ethiopia's growth performance and considerable development gains has come under threat during 2008 and 2011 with the emergence of twin macroeconomic challenges of high inflation and a difficult balance of payments situation. Inflation surged to 40% in August 2011 because of loose monetary policy, large civil service wage increase in early 2011, and high food prices. For 2011/12, end-year inflation was projected to be about at about 22 percent and single digit inflation is projected in 2012/13 with the implementation of tight monetary and fiscal policies.
Ethiopian Commercial Bank in Addis Abeba.
In spite of fast growth in recent years, GDP per capita is one of the lowest in the world, and the economy faces a number of serious structural problems. Agricultural productivity remains low, and frequent droughts still beset the country. Ethiopia is often ironically referred to as the "water tower" of Eastern Africa because of the many (14 major) rivers that pour off the high tableland, including the Nile. It also has the greatest water reserves in Africa, but few irrigation systems in place to use it. Just 1% is used for power production and 1.5% for irrigation.

Religion in Ethiopia

African traditional religions

Ethiopia has close historical ties with all three of the world's major Abrahamic religions. In the 4th century, the region was one of the first in the world to officially adopt Christianity as the state religion. While no longer distinguished as a state religion, it remains the majority faith. There is also a substantial Muslim demographic, representing about a third of the population. Ethiopia is also the site of the first Hijra in Islamic history. A town in the Tigray Region, Negash is the oldest Muslim settlement in Africa. Until the 1980s, a substantial population of Ethiopian Jews resided in Ethiopia.

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