Source: Economist - TheGlobeandMail
**For the latest economic data on Eritrea, click here
UPDATED ON 12-16-2010
It was originally reported here that Eritrea was predicted to have the 3rd fastest growing economy for 2011 by the Economist, however, this report was slightly inaccurate and we deeply regret our errors. According to the Economist 2011 report, Eritrea is to have the World's fastest growing economy in 2011 and not the 3rd fastest. All sources have been updated.
Eritrea predicted to have the World's fastest growing economy for 2011
According to the Economist, Eritrea will have the World's fastest growing economy in 2011. In "The World in 2011" publication, the Economist states Eritrea will have a 17% economic growth, which will largely come from its lucrative mining boom. The report also highlighted Eritrea will open a newly constructed cement factory in 2011. To view the entire list of the Top 10 fastest growing economies, visit here.
|Top 3 of the fastest growing economies for 2011 and bottom 3 - Chart credit to TheGlobeandmail|
Editors note: While Eritrea's economy is largely being backed by mineral and a strong agriculture sector, and both Qatar and Ghana's economies are being backed largely by oil and gas, it raises questions about Ethiopia's overall statistics. Many credible analysis have stated Ethiopia's double-digit growth figures are being cooked up by the Ethiopian regime for domestic political consumption. For example, the highly credible Financial Times reported a few months ago that Ethiopia's double-digit growth claims of recent years is being supported by "dubious statistics" and these same fabricated figures are "bandied around by development experts".
In Ethiopia, the same is almost true but with a disturbing caveat. It is an open secret that the double-digit growth of recent years is supported by dubious statistics. Yet the same figures are bandied around by development experts arguing that a trade-off between growth and civil liberties is inevitable.
Financial Times, August 9 2010, by William Wallis
Just a few months ago, the prestiges Oxford University, in collaboration with the United Nations, published the top 10 poorest countries in the world, and their findings contradicted the Ethiopian government's claims of double-digit growth. Their findings show as of 2010, Ethiopia is the 2nd poorest country on Earth (UN/OU). According to the report, 90% of Ethiopians are living In Poverty, 39% of them are Living on at least $1.25 a day and 61.5% deprived of adequate schooling (UN/OU).
For more articles, graphs and charts on Eritrea's economy, go here.