Oil prices improve Angolan economic situation

Oil prices improve Angolan economic situation. Photo: Adobe Stock.

JOHANNESBURG, SOUTH AFRICA (ADV) – Angolan economic performance remains substantially linked to oil price developments, which is expected to remain at around $ 72 per barrel in 2019, after averaging $ 73 in 2018 and $ 54 in 2017.

Africa’s Economic Analyst at the United Nations (UN), Helena Afonso told the media that Angola economic situation is improving and that a growth of 2.4 percent can be expected.

“In Angola, the economic situation is improving in what is the second largest economy in South Africa, growth is forecast to accelerate to 2.4 per cent this year and 3 per cent in 2020, sustained by higher domestic demand and increased production oil and diamonds,” Afonoso said.

The UN released the annual report on the World Economic Situation, which predicts that Angola grew by 1 percent last year.

The report is jointly prepared by the United Nations Department of Economic and Social Affairs (UN / DESA), the United Nations Conference on Trade and Development (UNCTAD), and the five departments’ regional organisations with the contribution of the United Nations World Tourism Organization.

The UN/DESA said that global economic growth can often hide underlying risks and imbalances, pointing to examples of the confluence of short-term risks such as tensions financial fragilities and climatic risks.

“Economic growth is uneven and often does not go where it is most accurate,” said the economist, who is also claiming that the underlying vulnerabilities endanger long-term progress in implementing the 2030 Sustainable Development Agenda.

The 2030 Sustainable Development Agenda is a plan of action for people, planet and prosperity that seeks to strengthen universal peace in larger freedom. It also recognises that eradicating poverty in all its forms and dimensions, including extreme poverty, is the greatest global challenge and an indispensable requirement for sustainable development.

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