8. Ethiopia
Nominal GDP: $67.435 billion
Although Kenya was the leader among East African countries regarding the economy, Ethiopi that ranks 8th on our list of most economically developed countries in Africa actually has excellent prospects to overthrow it and become the leader. It has been estimated that the annual growth in the recent decade was 10.8%, which was a little bit interrupted by the fall of the agricultural sector, which was affected by the horrible drought. At the same time, the anti-government protests took place, but Ethiopia still struggles to keep the place of a successfully developing country. The fact is also that Ethiopia is quite a populous country, being very attractive for its cheap labor. It also struggles to establish an effective rule of law, with the focus on the legislation regarding the property rights, and it is still one of the countries where corruption is highly present.
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