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11/13/2018 8:18:29 AM
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Georgette Adanas has been writing articles or reviews on local jewelry stores for men since 1999.




by Birhanu Fikade


ADDIS ABABA锛?Feb. 26 (Xinhua) -- Kenyan media outlets have it well covered recently that Ethiopia is about to overtake Kenya and become the leading economy in East Africa.


Building on decade-long double-digit growth catalyzed by enormous government spending on infrastructure锛?the size of the Ethiopian economy锛?in terms of Gross Domestic Product (GDP) measurements锛?will reach 69.2 billion U.S. dollars锛?according to projections the International Monetary Fund (IMF) made for 2016. In 2015锛?its GDP stood at 61.6 billion dollars.


Kenya's GDP锛?on the other hand锛?is expected to rise to 69.1 billion U.S. dollars in 2016锛?up from 63.4 billion dollars in 2015.


If the projections turn out to be true锛?Ethiopia锛?hailed by pundits as an "African lion"锛?will surpass Kenya. Though the possible win would be by a small margin锛?Kenyans have echoed that Ethiopia is surely becoming a new superpower in the region.


It is not hard to understand why the possibility of Ethiopia coming at the forefront has caused a stir among Kenyans.


Back in 2000锛?Kenya had a 70 percent lead over Ethiopia. Kenya's GDP then stood at 14 billion U.S. dollars while Ethiopia's output was somewhere around 8 billion dollars.


Following the vigorous economic progress the government of Ethiopia has been able to spin over the years锛?however锛?the country has managed to catch up with Kenya and close the gap.


BOOMING FOREIGN DIRECT INVESTMENT


An important contributing factor behind Ethiopia's quick ascension both the IMF and the African Development Bank (AfDB) suggest is the robust foreign direct investment (FDI)锛?complementary to the government's huge investment.


According to the Ethiopian Investment Commission锛?China leads the foreign investment pack followed by Turkey and others.


David Shinn锛?former U.S. Ambassador to Ethiopia锛?who actively follows events about the relationship of China and Ethiopia锛?wrote on his blog that in 2014 China's investment in Ethiopia reached a cumulative one billion U.S. dollars.


The diplomat went on to point out that the trade and investment relations the two countries have established over the course of the years registered a booming growth.


For instance锛?Shinn said "in 2000锛?China-Ethiopia trade was only 88 million U.S. dollars.. Royce Freeman Jersey Roquan Smith Jersey Richard Sherman Jersey Authentic Patrick Mahomes Jersey Authentic Nick Foles Jersey Leonard Fournette Womens Jersey Kirk Cousins Womens Jersey Josh Rosen Womens Jersey Josh Allen Youth Jersey J.J. Watt Texans Jersey
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