Angola expected to graduate to list of Medium Income Countries in 2015

24 September 2012

Angola is expected in 2015 to graduate to the list of Less Advanced Countries, the United Nations Commission on Trade and Development (UNCTAD) said Friday in Geneva.

The step taken Friday was to announce Angola as a candidate country for graduation from the Less Advanced Countries group, to the new list of countries due to be approved in 2015.

In order for this to be approved, the Less Advanced countries must fulfil two of three eligibility criteria or to have a “per capita” income of more than twice the stipulated figure for inclusion, even if the country has not achieved the figures required to meet any of the other criteria.

The criteria for countries to apply for graduation are “per capita” Gross National Product, as an indicator of income generation capacity, Human Capital Index, and Economic Vulnerability Index.

In March of this year, at the meeting of the UNCTAD Development Policy Commission, Angola was considered for the first time to fulfil the eligibility criteria to be excluded from the list of Less Advanced Countries, which was the first stage of a long process expected to begin in 2015 and to take three years.

In the last three decades just three countries have left the group of Less Advanced Countries: Botswana, Cape Verde and the Maldives. (macauhub)