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Angolan Economy to Grow 3 Pct in 2024: IMF

Angola’s economy could register a 3 percent growth in 2024, local daily Jornal de Angola reported Thursday, citing a report of the International Monetary Fund (IMF).

Victor Lledo, IMF resident representative for Angola, said Wednesday that the IMF anticipates a growth recovery in Angola, surpassing 2023 levels for 2024 and reaching around 3 percent. Improved economic performance and a return to fiscal consolidation are also expected.

“The year 2023 was challenging for the region, as well as for Angola. We faced issues related to the decline in oil production, leading to a downward revision of economic growth forecasts,” said the representative during the presentation of the IMF’s report “Regional Economic Outlook on Sub-Saharan Africa” in Angola’s capital of Luanda.

He highlighted the general risks for Angola, which are linked to oil price volatility and the increasingly challenging access to capital markets for African countries. To tackle these, he suggested that Angola should follow the path of macroeconomic stabilization. This entails retaining control over inflation by ensuring inflationary policies are managed through appropriate monetary measures.

According to the IMF’s report, Angola’s real GDP growth in 2024 is expected lower than the overall Sub-Saharan Africa, which could achieve a growth of 4 percent in the next year.

The report also indicates a forecasted consumer price increase of 22.3 percent year on year for 2024, exceeding the Sub-Saharan Africa average of 13.1 percent.

Source: Xinhua