Angola and Mozambique at the top of world growth rankings for last decade

3 January 2012

Macau, China, 3 Jan – Angola and Mozambique have been ranked at the top of world economic growth in the last decade, according to US magazine Foreign Policy, cited by the Mozambican and Angolan press.

The magazine said that Angola has been growing due to the oil sector and that Mozambique’s growth has been more diverse.

The magazine, which cross-referenced information from the World Bank and the US State Department, ranked Angola in fourth place in the group of economies that had managed to double the size of the economy in the last decade.

This group, led by Equatorial Guinea, Azerbaijan and Turkmenistan, includes economies that are, “highly dependent on the extractive industries,” according to the US magazine.

In Angola’s case, oil production has risen continually since the end of the civil war in 2002 and revenues have also expanded due to record oil prices in the middle of the decade.

According to Foreign Policy’s analysis, eight of the economies that doubled their size are from sub-Saharan Africa, a region that is, “traditionally disparaged as being economically stagnant.”

Angola managed to reach two digit economic growth in practically half the decade, with a record in 2007 (22.7 percent according to World Bank figures).

Mozambique only managed to achieve two-digit growth in 2001 (11.9 percent), but has maintained a constant rate of growth of between 6 and 9 percent. (macauhub)