Angola's economy has undergone a period of transformation in recent years, moving from the disarray caused by a quarter century of civil war to being the fastest growing economy in Africa and one of the fastest in the world. In 2004, China's Eximbank approved a $2 billion line of credit to Angola. The loan is being used to rebuild Angola's infrastructure, and has also limited the influence of the International Monetary Fund in the country.[6]
Growth is almost entirely driven by rising oil production which surpassed 1.4 million barrels per day (220,000 m3/d) in late-2005 and was expected to grow to 2 million barrels per day (320,000 m3/d) by 2007. Control of the oil industry is consolidated in Sonangol Group, a conglomerate which is owned by the Angolan government. In December 2006, Angola was admitted as a member of OPEC.[7] The economy grew 18% in 2005, 26% in 2006 and 17.6% in 2007 and it's expected to stay above 10% for the rest of the decade. The security brought about by the 2002 peace settlement has led to the resettlement of 4 million displaced persons, thus resulting in large-scale increases in agriculture production.
Famously Princess Diana visited Angola in 1997 observing landmines left over from civil war.
http://www.youtube.com/watch#!v=YseI_CWlCcg&feature=related
Hi Ciara,
ReplyDeleteGreat that you're doing this blog (sorry, that you're "blogging"). Hard to keep up with you and all your adventures these days. Will follow with interest.
Best of luck with it all and take care,
Aisling. x
Hello Ciara,
ReplyDeleteI hope Angola becomes the exception on positive peaceful development. The shock of oil revenues
can be destabilizing. I look forward to your next update. Nice job!