Ethiopia is among the 17 economies that will grow faster than China in terms of Purchasing Power Parity (PPP) in 2018, according to projections of PricewaterhouseCoopers (PwC) Global Economy Watch.The other countries include India, Ghana, and the Philippines, New Telegraph reported.
PricewaterhouseCoopers is a multi-national professional services network headquartered in London, United Kingdom. It is the second largest professional services firm in the world, and is one of the Big Four auditors along with Deloitte, EY and KPMG.
The newspaper quoting PwC’s analysis added that eight of the ten fastest growing countries in 2018 could be in Africa.
According to PwC, China, the world’s largest economy in PPP terms, could grow by 6-7per cent in 2018, slower than previously, but in line with expectations.
New Telegraph further reported that the global economy is set to grow by almost 4 percent this year in Purchasing Power Parity (PPP) terms, adding an extra $5 trillion to global output at current values.
The firm stated that the main engines of the global economy – the US, emerging Asia and the Euro zone – are expected to contribute almost 70 percent of economic growth in 2018, compared to their post-2000 average of around 60 percent.
PwC said growth in the Euro zone is predicted to be above 2 percent in 2018, adding that it expects the peripheral economies to outpace the core for the fifth consecutive year.
With the fastest level of growth for several years, 2018 is predicted by PwC to be the most energy hungry on record too.
The United Nations had in its world economic prospects report, launched early last month, stated that the world economy is expected to remain stable in 2018 and 2019, maintaining the growth rate of 3 percent in 2017.