Economy
Ethiopia Loses East Africa's Largest Economy Spot to Kenya
Wazema · 4 hours ago · Read the Full Story on Wazema
AI SUMMARY
Ethiopia has lost its five-year position as East Africa's largest economy to Kenya due to the depreciation of the Birr against the US dollar, according to an IMF report.
- Ethiopia has surrendered its position as East Africa's largest economy to Kenya after holding it for five years.
- The International Monetary Fund (IMF) report shows Ethiopia's GDP is $126 billion, while Kenya's has increased to $135 billion.
- Ethiopia's rank among Africa's largest economies dropped from 7th to 8th, while Kenya rose from 8th to 7th.
- The primary cause of Ethiopia losing the top ranking is the depreciation of the Birr against the US dollar over the past two years, rather than a drop in production.
- Ethiopia still maintains a significant lead over Kenya in terms of annual economic growth rate.
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