Ethiopia from the ashes becomes the fastest growing economy in the continent

The arduous journey from the world's second-poorest land, rising to become one of the brightest economies in the Black continent is an admirable feat of Ethiopia.

It has been three decades since Ethiopia experienced horrific hunger that killed more than 1 million people. The BBC's Michael Buerk even described it as " the most terrible famine in the history of the 20th century " and " the closest thing to earthly hell on Earth ".

In contrast to that poverty, Ethiopia is now widely known as the " African tiger " with an ambitious plan to become a middle-income country until 2025.

The country, " rhetorically speaking, has risen from the ashes to become Africa's fastest-growing economy without dependence on oil ," according to tax consultant at KPMG Kenya.

GDP growth rate of Vietnam Ethiopia in the period 2004-2014.

The changes that took place in Ethiopia since the famine in 1984 are truly commendable. Although there is still a lot of debate around the numbers, it is undeniable that Ethiopia has achieved impressive economic growth over the past decade around 8-10%.

Particularly in the period 2004 - 2014, Ethiopia's average GDP growth rate reached 10.9% - bringing them from the position of the world's second poorest country into a middle-income country by 2025 if still keep the current growth rate.

(Meanwhile, GDP growth rate of Vietnam in the period from 2006 to 2010 was only 6.32%, in the period 2011 - 2014 reached 5.72%.)

The effectiveness of this process has helped Ethiopia increase its ability to cope with droughts, prevent any potential risks that may cause them to fall into famine as previously happened.

Ethiopia's development effort also won international recognition by fulfilling its natural goals such as education and reducing infant mortality.

Ethiopia has solved the persistent hunger.

Government investments are seen as the main source of growth coming from building a rail network to expand basic social services and to create a major boost to the energy sector.

According to the World Bank report, Ethiopia's public investment rate has increased from 5% in the early 1990s to 18.6% of GDP in 2011 - the 3rd highest in the world.

The Grand Ethiopia Renaissance dam, valued at $ 4.2 billion (accounting for 8.5% of the country's GDP) at Blie Nile, is the most impressive of them - seen as a symbol of Ethiopia's rebirth. It is known that when completed in 2017, it will become the largest dam in the continent.

The $ 4.2 billion dam The Grand Ethiopia Renaissance is under construction.

The field of trade and investment also witnessed many remarkable changes. Ethiopia has diversified its exports and become a special exporter of coconut oil, flowers, gold, and silk or the largest leather products.

This achievement is due to the steady growth in foreign investment, especially in the field of flower growing and production.

Even many people are surprised to know Ethiopia has quickly become a place to attract global giants such as China's rich producer Huajian or H&M - the world's second largest clothing manufacturer.

In addition, Ethiopia now spends up to 60% of its investment budget for agricultural, educational, and health development to improve people's lives instead of spending most of its money on the military as before.

Currently, Ethiopia has become the 10th largest livestock industry in the world.

Although the goal of ambition to become a middle-income country in the next decade, there are numerous challenges ahead. However, the arduous journey from " miserable poverty " to one of the brightest economies in the Black Continent has been Ethiopia's praiseworthy feat.