What Is The Economic Situation In Angola?


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Akshay Kalbag answered
Angola was at war for more than 25 years. But since it achieved its independence from Portugal on November 11, 1975, Angola has undergone a period of economic transformation at a very rapid pace.

In recent times, the progress is a lot more noticeable and it has emerged into one of Africa's fastest-growing economies. The development of Angola's infrastructure has been very quick in the last two years especially, after Eximbank of China approved a line of credit to the African country, which was worth two billion US dollars. The role of Eximbank in speeding up the growth rate of Angola's economy has, however, limited the influence of the International Monetary Fund (IMF). The oil production in Angola is rising. It crossed the 1.4 million barrels per day (bpd)-mark in late 2005, and by 2007 it is expected to grow to two million bpd.

Most of the oil industry in the country is controlled by a public sector organisation called the Sonangol group. The Angolan economy grew to 18 per cent in 2005 and is expected to reach 26 per cent in 2006, and the growth rate is expected to be over 10 per cent per annum for the next four years.

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