Angola expected to post average economic growth of 7.1 pct in next five years

26 March 2013

Angola’s economy is expected to grow by an annual average of 7.1 percent over the next five years, according to estimates announced in Luanda by Manuel Nunes Júnior, an associate professor at the Economics Faculty of Agostinho Neto University.

Manuel Nunes Júnior also said that this growth would mostly be driven by the non-oil sector, which is expected to grow at an average of 9.5 percent per year, as compared to 1.75 percent for the oil sector.

During a forum on Economic Growth and Sustainable Human Development, the Angolan economist said that since 2006 there has been a trend for the non-oil sector to grow at a faster rate than the oil sector, which was an important indicator for the process of diversifying Angola’s economy.

The professor also said that, over the last five years, Angola had posted average annual growth of 9.2 percent, which was mainly driven by public investment, which have established conditions for the private sector, which is expected to drive economic growth.

For this economic growth to become a reality and in order to respond to the development needs of large sectors of the economy, Angola will need 2.3 million permanent employees by 2020.

Noting that at the moment Angola has 1.2 million permanent staff, the professor said that this figure would double over the next seven years.

Nunes Júnior said that the combination of an abundance of natural resources and qualified and competent employees would allow Angola to reach its target of raising its Human Development Index from 0.40 to 0.53 in the next few years. (macauhub)