By:pocketmags

Djibouti’s economy is expanding rapidly. According to the East African republic’s President Ismaïl Omar Guelleh: “In 2023, we recorded 6.7 percent gross domestic product growth, which far exceeded forecasts. 

This growth is driven by several key factors. The first is our strategic position on the Red Sea at the crossroads of many international trade routes. 15 percent of the world’s maritime traffic traverses our coasts, allowing us to serve the global economy as a hub for logistics and trade.”

The small nation has capitalized on its proximity to vital shipping lanes connecting Africa, Europe, the Middle East and Asia, as well as its shared borders with Ethopia, Somalia and Eritrea. “We’ve made massive investments in infrastructure, particularly ports and railways, to allow us to compete with the world’s largest logistics hubs,” the president said. “Furthermore, economic diversification, particularly with investments in the energy and tech sectors, has been an essential support of our economy’s growth.”