World Bank sees Angola as a model of transformation
By the AFREEQUE newsroom, based on Mercado
Albert Zeufack, World Bank director for Angola and several African countries, says the Angolan economy has become an example of transformation, with inflation close to 8% and growth above 4% expected this year. He highlights the rise of the non-oil sector and investment linked to the Lobito Corridor.
Inflation in Angola has fallen to nearly 8% and economic growth is expected to exceed 4% this year, said Albert Zeufack, World Bank director for Angola, DR Congo, Burundi and São Tomé and Príncipe. He particularly highlighted the expansion of non-oil GDP, which he says reflects a new dynamic in the Angolan economy.
Albert Zeufack believes that reforms carried out by Angola’s economic team are beginning to produce results and are creating favourable conditions for new investors to enter the market. The World Bank official particularly cited the Lobito Corridor, which links the Angolan coast to mining regions in DR Congo and Zambia and is expected to facilitate the transport of goods and regional trade.
The official recalls that about ten years ago, when he was the World Bank’s chief economist for Africa, Angola was among the countries on the continent with the highest inflation rates and raised the greatest concerns over macroeconomic stability. Dependence on oil and successive periods of recession were weighing on the economy at the time.
