Economy
Ethiopia is one of the poorest countries in the world. Ethiopian economy has been under considerable strain since Mengistu took over reins in 1974. The catastrophic famine in 1984-85 worsened the situation. However, there has been a slight improvement in living standards since the new government took over in 1991. High foreign debt, low level of industrialization (around 30%), low level of exports, lack of food self-sufficiency and the high rates of population growth are the main problems that seriously undermine the economy.
Major industries are agriculture, forestry and agricultural processing. Ethiopia's major industries are USA, Germany, Japan and Italy. Ethiopia’s GDP is at US$ 242 million and inflation is currently at 10%.
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