Angola may become fifth biggest economy in Africa in 2014

25 June 2010

Luanda, Angola, 25 June – The Angolan economy ,may become the fifth-largest on the African continent in 2014, according to a forecast from Angolan economist Alves da Rocha, cited by state newspaper Jornal de Angola.

“If that projection comes true, the Angolan economy will be ahead of the economies of Morocco and Libya and behind those of South Africa, Nigeria, Egypt and Algeria,” Alves da Rocha said during a talk entitled, “The strategic position of Angola in Africa,” at the Strategy and Competitiveness Forum held in Luanda.

That projection, according to Alves da Rocha, is based on the satisfactory progress that has been seen over the last few years in the country’s Gross National Income (GNI), in the dynamics of the economy and the buying power of its inhabitants.

That position, he warned, could also occur if there is a consolidated business strategy, greater openness of the national economy to foreign markets and greater competitiveness at companies, as well as other business sectors.

In 2007 and 2008, he said, the Angolan economy was consecutively the seventh-largest in Africa, out of 48 countries, behind South Africa (top of the list), Nigeria and Egypt, according to figures from international magazine, The Economist.

In terms of the Economic Community of West African States (ECOWAS), Alves da Rocha noted that in 2008 the Angolan economy was the biggest in the zone, followed by the economies of Cameroon, Gabon, Democratic Republic of Congo, Congo, Chad and Rwanda.

In the Southern Africa Development Community (SADC), in 2008 Angola was the second-biggest economy in the region, following South Africa and ahead of Tanzania, Botswana, Zambia and Namibia. (macauhub)