Angola expects to double its gross domestic product (GDP), which is currently US$120 billion per year, by 2024 officials said in Luanda at the launch of a study on Angolan business competitiveness.

The target was set in a study entitled, “Entrepreneurship, Diversification and Competitiveness,” the first of a series on business information that the Business Development Institute (IFE) plans to publish on a half-yearly basis.

“Angola needed just 10 years after the end of the civil war, in 2002, to triple its per capita income,” the study notes, cited by Portuguese news agency Lusa.

At the end of the 20th century, South Korea, China and India, respectively needed 10, 12 and 16 years, to double their per capita income, the study said.

The study, which was presented by IFE manager Óscar Rodrigues, includes information and figures on Angola’s business competitiveness and to stimulate economic growth, for businesspeople, investors and managers.

The document also notes that Angola is currently part of a list of just 20 African countries classified by the World Bank as a “medium income country,” alongside South Africa and Nigeria, for example.

“If government estimates are confirmed for the country’s economic growth rate, of around 7 percent per year, in 2024 GDP will be US$240 billion, or more than twice current income,” the study noted.

IFE is the responsibility of the Economy Ministry and is intended to support Angola’s companies and business groups with revenue of over US$10 million and over 200 workers. (macauhub)