Ethiopia fastest-growing economy in Africa despite COVID-19

10 Dec 2020

According to data compiled by Bloomberg, African economies outperformed the rest of the world during the coronavirus pandemic. Seven of the world’s ten fastest-growing economies are in Africa, with Ethiopia taking the top spot.

“Africa has held off the Covid-19 assault better than many developing regions. The coronavirus had receded by mid-November in some of the continent’s largest countries — South Africa, Nigeria and Ethiopia — to their lowest levels since April or May, according to data compiled by the Johns Hopkins Bloomberg School of Public Health.”

“In contrast, Mexico earlier this month became the fourth country to exceed 100,000 confirmed Covid-19 deaths behind the U.S. (257,929), Brazil (169,485) and India (134,218) amid a recent global virus resurgence.”

“The economies of Ethiopia, Uganda, Ivory Coast, Egypt, Ghana, Rwanda and Kenya withstood the economic impact of the pandemic so successfully that they were among the world’s 10 fastest-growing in 2020.”

“At least five of them are expected to remain in that elite growth club through 2022, according to forecasts by economists compiled by Bloomberg during the past three months. Two years ago, Africa included only three of the best performers and in 2015 it had four.”

“The global pandemic is everyone’s problem. It’s proving to be a profit opportunity in Africa.”

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