BUSINESS: Angola May Become Africa’s 4th Biggest Economy

BUSINESS: Angola May Become Africa’s 4th Biggest Economy

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Luanda — Angola may become, until 2050, the fourth largest economy in Africa, according to projections from the Institute for Studies and Security (ISS), based in Pretoria, South Africa.

According to ISS report, the country will have, until the aforementioned period, a nominal GDP of USD 994 billion, behind Nigeria, South Africa and Egypt.

The study points out that Angola may surpass Morocco and Algeria, if it overcomes challenges related to good governance, access to quality infrastructure, education and primary health care.

Titled “Scenarios for the future of Angola 2050 beyond oil”, the 46-page report presents five sectoral scenarios and predicts that the Angolan economy will grow seven times more than the current USD 140 billion.

Drafted last March, without taking into account the repercussions of Covid-19 on the economy, the report says that Angola is currently the fourth largest low-income economy in Africa, but may, until 2030, surpass Morocco and Algeria in 2040.

According to the document, which makes an integrated assessment of how the various sectors (economy, infrastructure, energy, demography, agriculture and health) may develop until 2050, this growth begins in this decade, with an average annual rate 4.6 percent.

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