Angola needs US$1 billion to implement strategy for the next 27 years

Angola needs US$1 billion to apply its Long Term Strategy for the next 27 years (ELP-Angola 2050), announced the Minister of Economy and Planning, Mário Caetano João.

The minister spoke in Luanda after the presentation of the ELP-Angola 2050, currently under public consultation, to international organizations, development agencies, and diplomatic missions.

According to Mário Caetano João, cited by the Angolan news agency, Angop, this is the amount that the economy will need to make the leap that the Angolan government intends by 2050, and should be mobilized via foreign direct investment, citizens’ resources, and commercial banks.

The governor pointed out human capital (education, health, and others), infrastructures (production, transportation, and distribution of electric power), and diversification as priorities in the new dimension of the country’s economic growth.

He emphasized the need to reinforce preschool education up to “the age of 5”.

The minister said that the Angolan executive would put more financial instruments in the market to promote agribusiness and highlighted infrastructure investment as “a driving factor for inclusive economic growth, productivity, and social development.

The ELP is the basic tool that presents the country’s long-term strategic development options and predicts that non-oil Gross Domestic Product (GDP) will grow 3.3 times by 2050, from US$84 billion to US$275 billion, while the population will increase from the current 32 million to 70 million.

The document also foresees that the non-oil ‘per capita GDP will increase 1.2 times, going from the current US$3,700 to US$4,200, counting on supporting non-oil exports that should grow 13 times more, going from five billion to US$64 billion.

The GDP, currently at US$122 billion, should reach US$286 billion, or 2.4 times more, and public debt will see a 6% reduction, going from 66 to 60% of GDP.

According to the projections, in the next 27 years, the life expectancy of Angolans will increase by six years, from 62 to 68, while the under-five mortality rate will reduce from 71 per 1,000 live births to 19 per 1,000 live births.

Unemployment is expected to decrease by 10 percentage points, from 30 to 20%.

With information from Lusa

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