Eritrea Targets 7%-10% GDP Growth in 2011-2015 Period
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.
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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.
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| Harnet (Liberation) Ave. Asmara, Eritrea |
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| Harnet (Liberation) Ave. Asmara, Eritrea |
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| Top 3 of the fastest growing economies for 2011 and bottom 3 - Chart credit to TheGlobeandmail |
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Eritrea Targets 7%-10% GDP Growth in 2011-2015 Period
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