Once home to one of Africa's fastest-growing economies, Ethiopia is struggling as the war in its Tigray region has reignited and weary citizens far from the front are pleading for peace.
Because of internal conflicts, the destruction of infrastructure and uncontrolled spending are hurting the economy while ordinary Ethiopians face weakening incomes and rising poverty, economist Alemayehu Seyoum told the meeting.
Certain development works continue, including Prime Minister Abiy Ahmed’s flagship projects like the beautification of the capital. Some state-run sectors of Ethiopia’s economy continue to open to investors, as Abiy promised after taking office. The cabinet this month approved the entry of foreign banks, a significant step.
Ethiopia’s government was unsettled when the U.S. last year removed it from a preferential trade program over its failure to end the war in Tigray that the U.S. said led to “gross violations” of human rights. Addis Ababa is lobbying for a reversal.Since then, global companies like PVH Corp have left Ethiopia, citing security reasons, and others are laying off thousands of employees.
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