Forum forecasts Ethiopia to be fastest growing economies over coming five years

Forum forecasts Ethiopia to be fastest growing economies over coming five years

Cape Town, May 5 (WIC) - The World Economic Forum forecasted Ethiopia to be amongst the top 10 fastest growing economies in the world over the coming five years.  
 
Katherine Tweedie, Director, Head of Africa, said at the 21st World Economic Forum on Africa opened at the International Conference Centre in Cape Town on 4, May 2011 that Ethiopia’s economy will grow in a very alarming rate over the coming five years. “Ethiopia’s emerging economic growth is promising. It founded on the full participation of its people. Democratization and multi-political system is growing in the country. Ethiopia had peace full election in 2010 and this is a good experience,” she told WIC.  According to Tweedie, seven of the fastest growing economies in the world in the next five years will be in sub-Saharan Africa, including Ethiopia, Mozambique, Tanzania and Ghana. “A lot of discussion will be held to explore drivers behind this growth at the forum,” she said.  “Africa’s economic growths in recent years have impressed the world. The emerging middle class are contributing to greater economic diversification and a trillion dollar market opportunity in consumer goods and services.”  The three-day meeting will discuss how sub-Saharan Africa can sustain its growth path and become one of the pillars of global growth and demand. To be held under the theme, Shaping Africa’s Role in the New Reality, the meeting will take place against the backdrop of the increasing global recognition of Africa’s growth potential.  "We chose this theme because we feel it is very relevant for the events that are taking place on this continent, and the opportunity for growth and investment that the international and African communities are seeing," Tweedie said.   "Shaping Africa's Role in the New Reality," one of the three thematic pillars of the meeting will explore how Africa can take on a leadership role in the new reality and guard against newly emerging global and regional risks.  Another topic expected to draw much attention is Africa’s inclusive development. In recent years, African decision makers have been looking for ways to attain inclusive development by translating economic growth into better lives for the people.  "Government and Business have a responsibility to ensure that Africa’s wealth creation translates in to widespread inclusive development particularly as it relates to empowering youth" she said.  
"Building Partnership for Inclusive Development," is one of the thematic pillar of participants expected to debate on how can inclusive growth be put at the heart of a sustainable development agenda for Africa, and how can government of African countries work together with the business sector to distribute more equitably the benefits from the wealth in natural resources, among others.

 
The over 900 participants from 60 countries are expected to exchange views on issues including Africa's agriculture development, infrastructure construction, China-Africa cooperation, impact of political situation in North African and the Middle East on Africa’s economic development, among others.