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Eritrea Targets 7%-10% GDP Growth in 2011-2015 Period

Written By Admin on Oct 26, 2011 | 11:50 PM

10comments Eritrea Targets 7%-10% GDP Growth in 2011-2015 period

Oct. 27, 2011 (ASMARA) – Eritrea aims to accomplish an impressive annual economic growth rate of between 7 percent and 10 percent in the 2011-2015 period, according to state officials.

Eritrea announced its GDP growth targets for the 2011-2015 periods in its comprehensive response to the Somalia and Eritrea Monitoring Group (SEMG) it submitted to the United Nations Security Council on October 17, 2011.

"Eritrea strives to develop an open and dynamic economy anchored on self-reliance and full participation of its people. Establishing a resilient economy based on a well-functioning public and private partnership where the latter is competitive and socially responsible is the ultimate goal of its economic development strategy.", the lengthy SEMG rebuttal read.

According to the Economist Intelligent Unit and Report Buyer's Country report, Eritrea's GDP growth has accelerated to 17% in 2011, making it the world's fastest growing economy.

While Eritrea's stunning economic boom has exceeded its GDP percentage goals for 2011, this progress has largely come from its successful agriculture department and mining industry. Its 2012-2015 economic plan envisions a more balanced and diversified approach that focuses more on fisheries, housing development, manufacturing and intellectual capital that will play vital roles towards enhancing the economy.

In order to reach this objective, the Red Sea State has invested extensively over the years on strategic infrastructure that have set the precondition for obtaining a sustainable economic and development drive by investing on roads, communication facilities, factories, education, agriculture, and social services.

Moreover, with the recent construction and commencement of an estimated $80 million USD Gedem Cement Factory and the soon-to-be inaugurated Dahlak Brick and Block Factory in Massawa, Eritrean construction material have significantly declined in price, given Eritrea the ability to build more infrastructure at a fraction of what it used to cost.

As Eritrea builds more infrastructure, it will undoubtedly stimulate job creation and overall GDP growth. This strategy of development and diversifying the economy, as well as complementing it with its lucrative mineral industry, will ensure double-digit growth levels for the foreseeable future.



Harnet (Liberation) Ave. Asmara, Eritrea

Harnet (Liberation) Ave. Asmara, Eritrea

Top 3 of the fastest growing economies for 2011 and bottom 3 - Chart credit to TheGlobeandmail



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10 comments:

  1. Im proudly to hear this as an eritrean. Lets just hope that the opposition and the PFDJ can resolve their differences so that the economy can become even better.

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  2. I am happy for ERITREAN youth their future is bright.

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  3. I dont agree with you. The youths future does not look bright if they are facing indefinite military service. Eritrea is a prospering nation with a good self reliance policy, but like i said earlier, all parties need to enter the table and work together.

    // Mikele

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  4. There is no such indefinite military service in Eritrea unless you
    elucidate it. "the Red Sea State has invested extensively over the years on strategic infrastructure that have set the precondition for obtaining a sustainable economic and development drive by investing on roads, communication facilities, factories, education, agriculture, and social services".....this paragrahp cought my attention,but if I misunderstood you don't get angry.

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  5. The youth in Eritrea has a bright future! And I was there not long ago, and I was so impressed over what they've done. They've been resilient, they have done their deeds, and now they will be harvesting what they lovingly cultivated. Eritrea was meant to be, and it was meant to be self reliant. You have to remember Eritrea is extremely old nation, wiht thousands of years of tradition for how to mangage yourself. Our forefathers are with us every step of the way, watching our steps, and our martyrs who died with love for the protection of their mother father land. And God, because indeed he had planned this to Eritrea. A nation that breaks all barriers, a nation that introduces the new world of justice and common sense!

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  6. love you my cherry, my sweet heart Eritrea. The country that make me get up every morning happy to be eritrean, happy to be alive, the country that gives me wisdom to push my limits and always stay focused and be on my terms and not on other willwishers terms. The vicious ideas they have on Eritrea has always served us actually, it made us believe in ourselves and in God, that's why we keep winning. Also because we have the help of our forefathers, our martyrs, the prayers of our mothers and fathers and the brigt wish for peace, intergrity, prosperity and vigour of our childeren and youth. FOr truelly, the only real freedom in this world is to have your own country, you own dignity - we have a country. We are blessed, we have to thank God for that every single day. Because all the whites want is to rule of you and degrade you, they're hungry to sock blood! They're like animals with no culture and humanity, jealous creatures. Eritrea NEVER gives them this pleasure!

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  7. Great stuff! Anonymous what opposition, the opposition calling for Sanctions on Eritrea? Bahahhahahaha hilarious.

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  8. Wow! This is amazing. Now I now why they want to sanction this poor industrious Country! Long live Eritrea!

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  9. Love Eritrea! Yes, you deserve it!!! KEep on marching, you're the lighet!

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  10. Brothers and sisters living in diaspora, lets do our bits too. It is not good enough just looking in from the outside. Our brothers and sisters in the homeland are giving blood an sweat to make a country we can all be proud of. let extend our support however we can.

    long live our country and our people

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