Ethiopia has a traditional system of economy that focuses on agricultural practices mostly in the country.
<h3>What is an economic system?</h3>
The economic system of the country represents the activities that helped in earning economic value. This includes the production of goods and services, allocation of resources, and their optimum utilization.
The economic system of Ethiopia focuses on agricultural practices like farming to maintain the economy of the country. Some degree of free enterprise existed in Ethiopia's economy.
All means of production which includes land, buildings, farms, and businesses, were nationalized during the communist Derg regime's 1974–1991 tenure.
The government has dedicated a lot of attention to rural development, despite the fact that land has remained nationalized and which helps to improve the conditions of rural areas of the country.
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