Eritrea Tops GDP Growth Rate List 2011

The Economist Intelligence Unit has published the “2011: country by country” report. According to the report economic growth rates for 2011 will take different directions depending on where you live. If you live in the rich world growth will underperform, if you live in the developing world growth rate predictions look rosy.

The world GDP growth is predicted to slow down from 3.5% in 2010 to 2.5% in 2011, as fiscal stimulus is withdrawn and emerging markets will continue, to a large extent, to shrug off the 2008-09 economic crisis. Eritrea, the former Italian colony, which won independence from Ethiopia in 1993 after a long bloody war, is set to become the world’s top growth leader in 2011.

Eritrea will overtake Qatar as the world’s fastest-growing economy in 2011, as production begins at the country’s first operational mine (Bisha) operated by Nevsun Resources Ltd. (TSX:NSU)(NYSE Amex:NSU).

We have had a fantastic year and we expect our growth to continue as we move from construction to commercial production in 2011,” said Cliff T. Davis, President and Chief Executive Officer, Nevsun Resources in a recent press release.

The world growth league table 2011 in real GDP growth shows Eritrea on the top of the 20 fastest-growing economies followed by Qatar, Ghana, Ethiopia, China, India, Uzbekistan, Laos, Haiti, Papua New Guinea, Angola, Botswana, Liberia, Mozambique, Tanzania, Sao Tome and Principe, Sri Lanka, Vietnam, Rwanda, Malawi.

For more information please visit: Finfacts

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By Editorial Team
  • The Original Beni Amer of Eritrea

    amazing! Keep posting more articles man, love your writing style and your exclusive reports.

    2011 is becoming to be a great year for Eritrea, despite all challenges placed on it by external warmongers.

  • abebe

    Bravo Eri people!

  • Mariam

    Eritrean sisters and brothers unite and go the way using a positive approach! Try it!

  • teklay

    Lets use our gold to celebrate our borders snatched by woyane thx.

  • http://www.philmongetnet.page.tl Filmon Getnet

    I am glad to hear this still Ethiopia is on the rank leaders year after year. Good luck for our naivors and follow our steps…

  • Noah

    seriously i am so tired of fanatic Eritreans both those who support Issias and those who are against. Each side is only using information that confirm their ideological standpoint and not the actual facts.

    the economist may say 17% but i find it hard to believe since the Worldbanks estimation set it a much lower growtth rate at -2.8

    which woould be in line with 2009 growth rate and the fact that eritrea has an overwhelming foreign debt

  • Fitihawi

    I think there must be something wrong with us Eritreans.It seems that we are unable to connect the dots so that we have the whole picture.For those of us who are naive enough to think that Eritrean economy will grow by 17% is true,let me elaborate.
    First of all there is nothing like 17% growth in economy of any given country.If Eritrea is to show 17% growth in its economy only by the export of gold,why then the well managed and established Quatar and Saudi Arabia economy grow by 34% due to the export of gold,oil and some other products.
    By the way do we know that Ertrean owns only 10% of the gold income that is going to be exported.10% do the math.Lets assume the gold companies export gold worth of $1 billion a year( which is very unlikely).Do you know how much Eritrea makes out of this.ONLY $100,000,000 and the rest $900,000,000 will fly out.
    We have seen the regime working so hard and deligently to destroy everything Eritrean and this is one of them.The regime has been auctioning Eritrean resources in hash hash at a throw away price and no wonder all these greedy foreign gold companies are lined up to exploite and loot the resources in association with a nasty dictator that we the real owners seem to care less about.
    Sudan and Eygpt which are 20 and 15 times bigger than Eritrea are asking the companies 50% and 60% respectively of the share.

    • Tesfai

      Fitihawi, you forgot to mention the impact of economic multiplier effects on the Eritrean national economy! They will be a huge stimulus for Eritrean employment, domestic incomes and foreign exchange earnings!
      http://tutor2u.net/economics/revision-notes/as-macro-multiplier-accelerator.html

    • Simon

      Actually Fitihawi , the 10 % your talking about is the governments carried interest .. meaning Eritrea gets 10 % automatically when the deal start without having to invest. Otherwise there is no deal at all …
      BUT THEN we also have the contributing interest , which you completely left out ! You might want to get your fact straight that is before trying to act all smart. Now the government of Eritrea has a contributing interest purchase of 30 % , meaning it acts as a shareholder (basically) and has invested money in the company. And if you add that with the 10% Eritrea already gets at the beginning of the deal , we are now up to 40% , which is a HEELLLL lot more than most African countries.

      Additional i want to just briefly comment on the issue of Sudan and Egypt asking for 50-60% … i don’t think i have seen this, is there a specific deal you could direct me to ? because no company would accept losing the majority power , when it is investing in a country so heavily !?!

    • Abraham

      Correction

      1, First all all 17% was announced by world bank not by the Eritrean Government., Remember.

      2, The Eritrean Government owns 40% not 10 %.

      3, please know your facts right.

  • real african

    you call your self fithawi and the term fithi means justice
    but i canot see any of that in what you are writing.
    whe you say the revenue from gold mining,will only go to eritrea 10%
    that is not true either your motivation is just hatered or sorry to say that (worthless). the reason i am saying this is we all know
    there are more than a dozen mining companies on the ground and each
    of this company has a diffrent terms and conditions eg., nevsun mining a canading comp. owns 60% and eritrean government body(enamco)owns 40% so pls try to read and rechek your sources even though you look like you donot have any source.
    thanks

  • Musa Ahmed

    It is blessing to have such naturlly reach country.
    my father used to say ” kab habtam beteseb kab teweled kab habtam adi mewlad yehaesh”. If we had a chance to use our wealth on time most of us will not be living out side of Eritrea. I am not warried about the leaders of the country, but about rain and Ethiopia. When i was a child i used to hear people say , that the King of Ethiopia needs our land not the Eritrean People. lived under terror all my childohod from Ethiopian army and scared to death from nech lebash durring my adult age . It is just ….
    Good job Eritrea.

    • josh

      It is good to hear that the country will start to benefit from its resource. But It is very unlikely to see the living of the people to get improved under this dictatorial regime or unless they totally change their political game. It is seen all over Africa before, so we aren’t different from them. may god bring something to the people.

  • ERITREAN KID

    elelelelelelelellelellelelelele

  • kubrom

    Dear friends,

    Let me share with you my concern about the so called 17% growth excitment. We need to distinguish between the meaning of ‘fastest economy in 2011′ and ‘A rich country’. Growth is proportional to one’s GDP. Percentages sometimes paint wrong images of the reality. For instance, a 17% GDP growth for a small economy, like ours, could be insignificant when compared with a 1% GDP growth for a well developed economy in the west. Although, I am happy with the prospects of the economic direction, we need to be careful about the realities.

  • truespeaker

    @ fithawi.. i guess, don’t know where you got your information from regarding the 10% that Eritrea holds.. It’s not true and i ask you to double check again, eritrea has 40% and fairly enough taking into consideration that Nevsun Resources Ltd had to do all the start up work. I take it that you live in the so called “western and democratic countries” that they brain wash people as they wish, when they wish. go and entertain your little brain with some economic classes and before i leave, i tell you should be happy that you are part of this blessed land..

  • Al habte

    Progressing in economy for both Africa countries it very good.Everybody should be happy for it.Forget your negative image and start thinking postive.All we need is peace Ethiopia and Eritrea.

  • http://www.capitaleritrea.com lovelybones

    Eritre has nothing good about it im doing a report on Eritrea and i cannt find any good facts about it and if you have any good facts about eritrea thenn plz hmu

  • josh

    As long as the dictator government is in power, the people willn’t benefit from it. We aren’t different from the rest of Africa. Hopefully they will be replaced with democratic governmet soon.

  • optimistic

    the country is developing, improving, heading in the right direction even by small margin.This is positive thing. Words from some of these comments can not wipe out that. Fact is Fact. swallow it.

  • million

    God bless Eritrea, now we have a chance to develop as a nation and use this wealth properly and distribute to the Eritrean people benefit.

  • rezene

    May God bless Eritrea and its Governors abundantly!

  • wedi tigray

    des zbl zena!! ertrawyan khalfelkum kab lbey ymneyelkum. entekone gn seb znek’e anewari kal mtshaf entetgedfwo des mbeleni…mk’e’al eyu seb zehdro ember kem chra teal(goat) men kemay mbal ayewatsn tirah zeykones nwdket eyu z’edm!!!tnx

  • Econ 101

    If you have 1 dollar an added 1 dollar is 100% GDP growth. Ask you self how much is 17% growth? It could just be a CEO’s annual bones in the west. A real growth is a super economic power like china growing 10%.

    Nevertheless growth is growth, we should all pray and wish that the government quickly change this new inflow of fiat money into real agricultural capital and solve the food shortage…With all the money printing going on the West this new growth could easily be rendered to noting.

  • Ethiolove

    Hey, I am just tired of your Eritrean attitude and your so called ‘self reliance and one people and one heart’, esp with your own strings attached! Let the people of Ethiopia speak rather than you tell us from the outset. I don’t condone your cry/drama on-behalf of us, the Ethiopians at home, who can say from their daily life experience. We do not want another disturbed country for that matter as like Somalia or else that you can model in your own dream for your hidden agenda! If the government is bad or good, it is up-to the Ethiopian people just us leave our people and country alone you said we need separation nd just seceded so what next you need to see a crumbled Ethiopia? Stop telling your tells this an old strategy!
    Whatever the regime in power might be, there is some lesson that the Ethiopian people would draw from their past experience. END OF HISTORY! We do not TRUST a poor Eritrean to tell us what to do and how to do it for that matter! PERIOD!
    For me and others, the government is still doing whatever is at its deposal in order to make a difference. You cannot tell me that you’re at a better position while thousands of Eritreans are fleeing the dictator in Eritrea, while your youth is under a military Barak for decades where there is no an academic and developmental vision. READ YOUR FOREIGN AGENDA – YOUR INTEREST COMES FIRST, NOT THE PEOPLE OF ETHIOPIA FOR THAT MATTER I tell you Eritrea is almost a failing state where its youth are dying on the Sahara desert in an attempt to cross to Egypt and Europe.

    Some of us would understand that your mouthpiece, advocating your interest. This is fact that when they respond to and run your hidden agenda, folks! STOP IT! We know who is doing what, and yet; cry in the name of our people. SHAME! OFF YOUR HAND OF OUR COUNTRY AND PEOPLE! Sort out your dying economy that you don’t seem to tell Ethiopia where you are having your own HUGE problems in Asmara honestly Ethiopia is by far at better status in human and economic development and for your info Ethiopia is the fourth fastest growing economy in the world.
    In the coming five years the gap is to be as wide as some twenty years between you and our country so keep blowing the terrorist whistle while we are doing our home assignment, nobody cares of the dying fish except the fisherman do car of your home born terrorism and dictatorship now you can’t claim as an external dictator it is just Isayas Afeworki is killing you and your country. First treat your gangrenous disease before trying to telling us what to do in our country.
    ETHIOPIA IS IN GOOD HANDS JUST TRY TO TREAT YOUR HOME CANCER!

    • mikaelle

      anta,besmeab’ye. entay ezi khulu ‘agemgem’ wedey? fo, eeeedddeedd!!!

    • Abraham

      To EthioHell,

      I do not know where you got your dirt from, but you smell lie.

      First point,

      Eritrea has 90.2 % literacy Rate.
      Ethiopian 47.0%

      Eritrean GDP 8.7 2013
      Ethiopia GDP 7.0 2013

      Eritrea is one
      Ethiopia is 4, Oromo, Amara, Tigray and Somaila.

      Ethiopians came with guns to Eritrea( The land of GOD) We kicked you out.

      What more do you need?