Africa-Press – Kenya. East Africa is set for significant economic growth, with the African Development Bank projecting a regional GDP increase to rise to 5.1 percent in 2024 and 5.7 percent in 2025.
A roundtable discussion on East Africa outlook on Thursday in London, under the theme of “Emerging themes and trends Shaping the business environment in East Africa.”
Hosted by the Eastern Africa Association, the roundtable discussion brought together key speakers including participants from Ethiopia’s embassy in London and explored key trends and developments in shaping the region in the year ahead.
This outlook is attributed to continued government spending in infrastructure investment, ambitious economic reforms in countries like Ethiopia and Tanzania, sector and enhanced service sector productivity.
Best in class leading the region’s growth are Ethiopia, Tanzania, Uganda and Rwanda, all set record GDP expansions of over 6 Percent in 2025.
Ethiopian Ambassador to the UK Biruk Mekonnen promotes the implementation of a comprehensive economic reform undertaken by the Ethiopian government that promises to create a potential success story in Africa.
The major shift in the reform strategy is the one taken by the Government to move to an economy driven by the private sector.
He further emphasized that the reform strategies aimed at addressing legacy economic challenges and revitalizing the overall economy.
Besides, ensuring macroeconomic stability efforts were made to enhancing sectoral productive capacity, diversifying sources of economic growth, and correcting structural bottlenecks to ensure an enabling environment for private sector initiative and investment.
Ethiopia entered the year 2025, through extensive macroeconomic reforms in opening the banking sector for foreign investment, liberalizing the foreign currency market and launching the first stock market exchange after five decades.
With these milestones, Ethiopia will be a country to watch in 2025.
As the biggest country in Africa, and with the deepening of the macro-economic and growth measures taken, Ethiopia remains to be in the radar of foreign investors.
In addition, the positive steps the Government is taking in the agriculture sector will boost productivity and will continue to support other economic sectors.
Furthermore, the service sector in Ethiopia is witnessing remarkable growth.
The ICT, logistics, aviation and tourism sectors remain important contributors for the economy. The opening up of the telecom sector, the banking industry, the logistics, retail and energy sectors would also create a conducive environment to attract more private capital into the economy.
The benefit of the demographic transition would benefit the economy. The youth, which constitutes the majority of more than 120 million of our population, is ready to change and always supports economic growth, the ambassador noted.
Finally, investment in clean energy is another very important factor to look into Ethiopia’s significant investment in hydroelectricity and clean energy and would propel its economic growth as well as the region.
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