Tag Archives: Growth

IMF Staff Completes 2019 Article IV Mission to Eritrea

IMF team held discussions on Article IV Consultation with Eritrea
An International Monetary Fund (IMF) team held discussions in Asmara from May 13–22, 2019 on the Article IV Consultation with Eritrea, the first such discussions in 10 years. (Photo: Globetrotter)

BY IMF COMMUNICATION DEPARTMENT *

An International Monetary Fund (IMF) team, led by Bhaswar Mukhopadhyay, held discussions in Asmara from May 13–22, 2019 on the Article IV Consultation with Eritrea, the first such discussions in 10 years. At the conclusion of the mission, Mr. Mukhopadhyay issued the following statement: Continue reading IMF Staff Completes 2019 Article IV Mission to Eritrea

Eritrea’s Economy to Grow by 3.7pc in 2018: AfDB

According to the African Development Bank economic outlook, Eritrea’s Economic growth is projected to remain between 3.7% and 3.8% over the medium term for 2018.

BY AFRICAN DEVELOPMENT BANK

Eritrea’s economy slowed more sharply than expected due to dwindling economic activities and poor weather conditions that adversely affected agricultural productivity. Real GDP growth declined to an estimated 3.4% in 2017, from 3.8% in 2016, and is projected to remain between 3.7% and 3.8% over the medium term. Continue reading Eritrea’s Economy to Grow by 3.7pc in 2018: AfDB

The Political and Economic Similarities of Singapore, Cuba and Eritrea

Criticizing Eritrea for absence of free market economy is like tying a boxer’s hand behind his back, throwing him into the ring, and blaming him for losing.

The political and economic differences are obvious but their similarities can also be summed up as being founded and led by corruption-free leaders who live and have lived a simple life.

By George F Tesfa,

Although each of these countries has a unique path of development from their founding, the political ideologies of their founding fathers are similar, to the point of being identical: equal access to education, health care, housing, and clean water through state ownership of most of the economy.

In the pre-Cold War era, this ideology was known as socialism. In fact, to this day, these three countries are, for the most part, following socialist policies, while acknowledging the role of the free market, or laissez-faire economic policy, unlike communist countries in the past. Continue reading The Political and Economic Similarities of Singapore, Cuba and Eritrea

Eritrea Economic Outlook 2016

The African Economic Outlook (AEO) analyses the present state of economic affairs in Eritrea, provides two-year forecasts and addresses a special theme, supporting all with extensive data.

By African Economic Outlook,

In the 22 years since independence in 1993, the Government of the State of Eritrea (GoSE) has prioritized investments in infrastructure (communication networks, energy, and water facilities); agriculture (mainly for food security); marine resources; social and other services; and manufacturing.

In 2016, GoSE priorities are human-resource development; investment in machinery and equipment; transport and communication facilities; water supply; energy; and essential social services. The government is also creating an attractive environment for the active participation of local and foreign private investors. Continue reading Eritrea Economic Outlook 2016

The Human Rights and Development Debate: An Overview

Generally speaking, both human rights and economic development are viewed as goods. However, are they mutually reinforcing or conflicting goods? What is the interrelationship of human rights and general development? How do they potentially reinforce each other and where are areas they might conflict? Such questions are key topics within the human rights and development discourse. The following essay offers an introductory overview of the debate.

By Fikrejesus Amahazion (PhD),

You must eat before you vote!” (Osinbajo and Ajayi 1994). With that bold declaration, Mahatir Mohamed, then the Prime Minister of Malaysia, strongly asserted one side of the development versus human rights debate. Essentially, the debate revolves around whether economic development can be effectively pursued while at the same time respecting the rights of citizens.

Mahatir, Singapore’s Lee Kwan Yew, Tanzania’s Julius Nyerere, South Koreas Park Chung-Hee and others – generally from the Global South – have suggest that certain rights, by and large falling within the United Nations (UN) 1966 International Convention on Civil and Political Rights (ICCPR), may need to be curtailed since they may be inimical to generating economic development required to escape debilitating poverty and terrible deprivation. Only when poverty has been overcome, it is suggested, will human rights be effectively realized. Continue reading The Human Rights and Development Debate: An Overview

Ethiopia’s Growth: Real or Deceptive?

As long as political connections are more important than entrepreneurial ability; as long as a few elites at the very top are favored in the legal system and given first class citizenship simply because of their ethnicity and allowed to prosper by sapping the productivity of the most dynamic sectors of the society; as long as individuals and groups gain more wealth through political connections than through productive activity; etc…, TPLF’s self-styled “developmental state” of Ethiopia will remain a deception.

By Solomon G.S.,

IN TODAY’S Ethiopia, not only are the liberties of citizens trampled by the regime, but the rank of the destitute is increasing at a high rate. It is simply impossible for a citizen of the country to think that they have inviolable rights as human beings, that their moral worth and dignity as persons is being respected.

The government itself is the source of their insecurity. Democracy, among whose constituent parts are public reason, including the right to dissent, and balloting are either absent or grossly distorted. Public reason and discussion, hailing from Greek/ Athenian democracy is simply absent. Political dissent is unthinkable, or when it is thinkable, it is prohibitively costly. Continue reading Ethiopia’s Growth: Real or Deceptive?

Ethiopia’s External Debt Surged to USD 14 Billion

DEBT and GROWTH. Ethiopia’s external debt has grown by 156 % in the past five years. Debt-to-GDP ratio has reached an all time high of 35 percent and continues to grow. Do they really know increasing the country’s debt obligations impoverishes the population further?

By Horn Affairs,

THE total outstanding external debt surged from 5.6 Billion USD in 2009/10 to 14 Billion USD in 2013/14, according to the data Horn Affairs obtained from the Ministry of Finance and Economic Development.

More than half of the amount is directly owed by Ministry of Finance, while the rest belongs to public enterprises.

Of the 5.6 Billion USD borrowed by public enterprises, 2.6 Billion USD is guaranteed by the government (via the Ministry of Finance and/or the state owned bank Commercial Bank of Ethiopia).  Continue reading Ethiopia’s External Debt Surged to USD 14 Billion

AFDB Second Quarter Socioeconomic Report on Eritrea

Economic performance in Q2 of 2014 remains low due to frequent power shortages, low remittance inflows and low agriculture performance in 2013.

By African Development Bnak (AFDB),

THE African Development Bank (AFDB) has released the second quarter 2014 socio-economic development Bulletin across the African continent providing a summary information on the previous quarter’s major developments across the sub-region for which data are available on a timely basis.

The quarterly Bulletin focusing on East Africa is produced by country economists and country program officers of the African Development Bank Group’s (AfDB) East Africa Regional Resource Center (EARC), Nairobi, Kenya. The publication covers thirteen countries including Burundi, Comoros, Djibouti, Eritrea, Ethiopia, Kenya, Rwanda, Seychelles, Somalia, South Sudan1, Sudan, Tanzania, and Uganda.  Continue reading AFDB Second Quarter Socioeconomic Report on Eritrea