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Country Profile

Angola is

oil rich,

but!

City of Luanda

ngola is a Southern African nation China). In 2019, it entered its fourth year of the business climate and getting the
Awhose varied terrain encompasses of recession, which was extended by the country out of the crisis but the social
tropical Atlantic beaches, a labyrinthine drop in production in mature oil fields; situation of Angola remains tensed.
system of rivers and Sub-Saharan desert indeed GDP growth contracted by -1.5% Inequalities, economic sluggishness
that extends across the border into in 2019 and inflation are nourishing the people
Namibia. The country’s colonial history dissatisfaction.
is reflected in its Portuguese-influenced According to the updated IMF forecasts Only a third of the population has access
cuisine and its landmarks including from 14th April 2020, due to the outbreak to electricity. The income per capita has
Fortaleza de São Miguel, a fortress built of the COVID-19, GDP growth is been gradually increasing, especially in
by the Portuguese in 1576 to defend the expected to fall to -1.4% in 2020 and pick the metropolitan regions, but poverty
capital, Luanda. up to 2.6% in 2021, subject to the post- and unemployment rates remain high.
Angola, a southern African country pandemic global economic recovery. According to the African Development

with a population of about 19 million, The banking sector is fragile, bad debts Bank, poverty incidence fell from 68%
is about twice as big as France. Angola representing 30% of total credits. The in 2000 to 37% in 2018. Poverty is more
is the second-biggest oil producer in Angolan authorities remain committed dominant in rural areas (58%) than in
Africa, behind Nigeria. The country to implementing the reform program urban areas (19%).
borders Namibia to its south, Zambia to supported by the IMF. In December The unemployment rate is estimated
the east, and the Democratic Republic of 2018, a three-year Extended Credit at 28% and remains high among
Congo to the north. Facility agreement, totaling USD 3.7 young people in urban areas (38%)
According to the World Bank, the GDP billion, was approved by the IMF. (2019, AFDB). According to the World
of Angola stood 105.8 billion USD in Critical pillars of the program include Bank data (modelled ILO estimate)
(2018), dropping to 91.53billion USD in fiscal consolidation to bring debt down unemployment rate was at 7.2% of
(2019) and estimated to drop further to to safer levels, increasing exchange rate labour force in 2019. Violence in the
88.98 billion USD in 2020. Angola has flexibility to regain competitiveness, and region of Kasaï (Democratic Republic
one of the highest GDP per capita (USD) a favorable monetary policy aimed at of Congo) provoked the arrival of more
in Africa which stood at 3,621 in 2018, reducing inflation. than 30,000 refugees in Angola.
3,038 in 2019. The National Development Plan for In December 2016 the MPLA designated
The South African country has the 2018-2022 aims to address structural Lourenço as the party’s top candidate
second largest oil producer in Africa; bottlenecks and promote human in the 2017 legislative election. He
Angola also has the third largest GDP development, public sector reform, was elected President of Angola on
in sub-Saharan Africa, after Nigeria and diversification and inclusive growth. 23 August 2017 and took office on 26
South Africa. The authorities also affirmed their September becoming the third President
After a long civil war, the country commitment to improve governance in the country’s history.
posted one of the highest economic and fight corruption. Joao Lourenco, swept into power last
growth rates in the world, driven by its President Joao Lourenço initiated year on a wave of promised reforms,
oil wealth. Angola was then severely numerous reforms aimed at reducing both to the nation’s ailing economy
affected by the fall in oil prices and by the influence of the dos Santos family on and to the system of power and
the fall in world demand (notably from the economy, improving the perception patronage built during decades of rule
by President Jose Eduardo dos Santos.

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