Angola’s economic growth revised upwards by IMF

Angola’s economy is expected to grow by 2.2% this year and 2.4% in 2019, up by 0.6 percentage points and one percentage point than forecasts in the World Economic Outlook for October 2017, the International Monetary Fund announced on Tuesday in Washington.

The IMF, which is holding its Spring Meetings this week, said the upward review of real growth rates is based on rising oil prices, “which increase disposable income and improve economic sentiment.”

Angola, whose economy posted real economic growth of 0.7% in 2017, is expected to register real growth of 4.0% in 2023, according to IMF forecasts.

Mozambique, for its part, is expected to have lower economic growth this year and 2019, with real rates of 3.0% and 2.5%, respectively, before accelerating to 9.9% in 2023, based on projections that natural gas exploration projects will already be generating significant revenues.

The estimate for the growth of the Mozambican economy represents a downward review from the 5.3% expected by the IMF in October last year that Mozambique would post growth this years, as well as in 2023, with a drop from 14% to 9.9%.

Cabo Verde’s economy is expected to record a constant growth rate in the three years under analysis – 4.3% this year and 4.0% in 2019 and 2023.

Economic growth in Sao Tome and Principe and Guinea-Bissau is expected to fluctuate between 5.0% and 5.5%, according to the World Economic Outlook for Spring. (macauhub)