In 2018, Ethiopia’s real Gross Domestic Product (GDP) expanded by 7.7 percent, and is expected to grow by 8.5% in 2019, according to the World Bank. The business climate is undergoing significant changes with broad policy reforms implemented under the new leadership of Prime Minister Abiy Ahmed. Government plans to privatize leading state-owned enterprises signal a significant shift toward market based reforms and a new flexibility with respect to economic policymaking. The acute foreign exchange shortage remains the leading challenge for U.S. suppliers, for which there is no quick fix. While the economy is growing rapidly, presenting many opportunities, there are also hurdles to doing business in Ethiopia. The 2019 World Bank’s Ease of Doing Business report (EODB) ranked Ethiopia 159th out of 190 countries an improvement of two positions from that of 2018. The new leadership has a focused target to improve the country’s ease of doing business ranking and has formed an interministerial committee led by the Prime Minister to improve specific areas of the ease of doing business. The World Economic Forum (WEF) has identified burdensome customs administrative procedures, the high cost of logistics, and access to credit and foreign exchange as major challenges to small and medium-sized enterprises (SMEs) in Ethiopia. The agriculture sector has historically been the engine of the Ethiopian economy, but it has recently given way to the expansion of the service sector. DOLLAR TO BIRR BLACK MARKET PROFESSIONAL.
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