World Bank lifts Angola growth forecast for 2009

13 August 2009

Luanda, Angola, 13 Aug – The World Bank has upwardly revised its prediction for a 3% contraction in Angola this year to 0%.

Ricardo Gazel, the World Bank’s chief economist for Angola, said the decision by the Luanda government to produce more oil than its OPEC quota has avoided the prospect of economic shrinkage this year.

Angola’s OPEC quota is 1.52 million barrels per day, according to OPEC documents widely cited in the media, but Luanda is currently pumping 1.65 million barrels per day, Reuters reported citing trader sources.

Ricardo Gazel said Angola’s growth could be positive if the country’s oil sector expands by more than 10%, although the World Bank forecasts the industry will grow by 9% due to macroeconomic policies and global economic conditions.

“I’ve already assumed there will be strong growth in the non-oil sector for a year in which the international markets and global economy are in recession and the government has adopted rather restrictive measures, both in the fiscal and monetary areas,” added Gazel. (macauhub)