Eritrea reported its first case of COVID–19 on 21 March 2020, and total cumulative cases stood at 39 by 7 May, with 30 recoveries and no deaths. To contain the spread of the pandemic, the government imposed a national lock-down starting on 2 April. All citizens are required to stay at home except those engaged in indispensable security and development tasks. Continue reading Eritrea Economic Outlook 2020 Amid COVID-19→
Eritrea’s economy slowed more sharply than expected due to dwindling economic activities and poor weather conditions that adversely affected agricultural productivity. Real GDP growth declined to an estimated 3.4% in 2017, from 3.8% in 2016, and is projected to remain between 3.7% and 3.8% over the medium term. Continue reading Eritrea’s Economy to Grow by 3.7pc in 2018: AfDB→
According to the recently published Global Economic Prospects, a World Bank Group flagship report, the year 2016 was marked by stagnant global trade, subdued investment, and heightened policy uncertainty. For 2017, a subdued recovery is expected, with receding obstacles to activity in commodity exporters and solid domestic demand in commodity importers. Additionally, weak investment is weighing on medium-term prospects across many emerging markets and developing economies (EMDEs). Although fiscal stimulus in major economies, if implemented, may boost global growth above expectations, risks to growth forecasts remain tilted to the downside. Continue reading Reviewing Eritrea’s Economy – Analysis→
Criticizing Eritrea for absence of free market economy is like tying a boxer’s hand behind his back, throwing him into the ring, and blaming him for losing.
By George F Tesfa,
Although each of these countries has a unique path of development from their founding, the political ideologies of their founding fathers are similar, to the point of being identical: equal access to education, health care, housing, and clean water through state ownership of most of the economy.
A “go it alone” culture has long been central to Eritrea, including its economy. It is slowly opening up to foreign investment, but recent policies, especially a currency reform, mean many people are now struggling in what was already one of the poorest countries on earth.
In a dusty corner of the capital, Asmara, is a walled market. It assaults the senses as soon as you enter, for it deals in just two things: Chillies and metal.
In the 22 years since independence in 1993, the Government of the State of Eritrea (GoSE) has prioritized investments in infrastructure (communication networks, energy, and water facilities); agriculture (mainly for food security); marine resources; social and other services; and manufacturing.
In 2016, GoSE priorities are human-resource development; investment in machinery and equipment; transport and communication facilities; water supply; energy; and essential social services. The government is also creating an attractive environment for the active participation of local and foreign private investors. Continue reading Eritrea Economic Outlook 2016→