Ethiopian and Eritrean forces have waged a “devastating and genocidal war” in Ethiopia’s Tigray region, the region’s ousted leader has said.
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Ethiopia accused of using ethnic profiling to target Tigrayans
Ms Meles accused Addis Ababa of “the weaponisation of rape and hunger, the targeting of dense urban populations for aerial bombardment, wanton destruction of public infrastructure and widespread looting”.
Export Disruption in Tigray costs Ethiopia USD 20 mln per month
Ethiopia loses USD 20 million (800 million birr) per month in exports due to the closure of factories and mining plants in Tigray, following the fighting between the Federal government and the forces of Tigray People’s Liberation Front, according to the Ministry of Trade & Industry.
Sesame shortage hits commodity market
The conflict in Tigray region, one of the largest producers of sesame in Ethiopia, also resulted in the supply gap. “Producers of sesame in the region have not been able to sell their items to exporters because of a supply disruption as a result of the fighting in the region,” said head of corporate communications of the Exchange during the session.
Ethiopia is the New Frontier in Garment Manufacturing, but Ethnic Conflict Stands to Hinder its Growth
But for the past two months, violent conflict in Ethiopia’s northern Tigray region fueled by ethnic power politics has threatened the country’s stability.’ ‘The scale of the conflict could scare off foreign investment in the country’s garment industry, a sector that is hugely important to Ethiopia, as it is aimed to propel its agricultural economy toward a more prosperous future built on providing clothing to consumers in the West.’ ‘In addition to this already-strained business context, the report we published points to what we saw as the greatest challenge of all: ethnic tensions. In Hawassa, for instance, ethnic tension erupted in July 2019 and caused disruptions to the industrial park. The new conflict in Ethiopia’s Tigray region could be the tipping point for foreign investors in the garment industry.’
End of the peak season that never was
“Even though there has been a considerable increase in the number of visitors after we reopened tourist sites with the necessary precaution, the trend did not linger as the fighting in Tigray broke out shortly after. With international media outlets reporting the war in Ethiopia and embassies issuing travel alert, bookings by tourists plummeted since the beginning of the fighting,” said Sileshi Girma, Director-General of Tourism Ethiopia – a federal government body tasked to market Ethiopia’s tourist attraction sites and heritages.
Starvation crisis looms as aid groups seek urgent Tigray access
Humanitarians sound alarm for millions of people in need of emergency assistance in Ethiopia’s conflict-hit northern region.
Breakingviews – Ethiopia piles war risk on shaky economy
“Another risk is the reaction from donors such as the World Bank. Aid made up nearly a quarter of government revenue last year, according to South African consultancy NKC. If funding is withdrawn because of the conflict, the budget deficit would balloon to over 30% of GDP, even before taking into account any extra military spending.”
Facing War, Virus and Locusts, Ethiopia’s Once-Golden Economy Loses Its Luster
For the past decade Ethiopia has boasted of one of the world’s fastest-growing economies, welcoming billions of dollars in foreign direct investment from the U.S. and China and lifting more than 20 million people out of poverty.
Now, a monthlong civil war, coronavirus lockdowns and historic locust infestations have left the once-golden economy stumbling, as it grapples with one of Africa’s most perilous debt loads, soaring inflation and the risk of a protracted insurgency.
Ethiopia’s Economy in 2021
“Investment, be it local or foreign, is unthinkable in 2021 as investor confidence has been eroded due to political uncertainty, a situation which may lead to an increase in unemployment rate and disruption of local supply chains that may result in a high inflationary pressure. So if the country becomes stable, it will be a year of a slight recovery from the crisis that we faced so far, but the chance of that happening is also very low as there is no end in sight for the political crisis,”