The oil and gas sector in Angola represents over one-third of GDP and over 90% of Angola’s total exports. Until 2014, the economy experienced rapid development, later slowing with the crash in oil prices. The subsequent depreciation of the kwanza and the latest world economic crisis caused by the COVID-19 pandemic have engulfed the country in a recession that, beyond endangering growth perspectives, has raised an important question for the future of the country: How to diversify beyond hydrocarbons?
The new government, which arrived in office in 2017, has focused on maintaining macroeconomic stability through a more flexible exchange rate regime, a restrictive monetary policy, and a fiscal consolidation process. The government has delivered on several key reforms, including the new law on preventing and combating money laundering, as well as the privatization law, the setup of a one-stop window for investors to improve the business climate, and the establishment of a social protection registry to protect the most vulnerable from the reforms. Within this environment, the national economy is expected to grow approximately 3.1% in 2021.
The Business Year brings you a high-level roundtable with speakers such as: Manuel Nunes Júnior, Minister of State For Economic Coordination; Mário Caetano João, Minister of Economy And Planning; Victor Francisco Dos Santos Fernandes, Minister of Industry And Commerce; and António Henriques Da Silva, Chairman of AIPEX. The event will be a discussion on how to transform Angola into one of the most prominent and diversified economies in Africa by 2050.
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