Africa-Press – Angola. The Head of State João Lourenço presented this Monday, in Seoul, to South Korean businesspeople Angola as one of the main emerging economies in Africa.
João Lourenço, who was speaking at the opening of the Angola-South Korea Business Forum, said that the country is currently the fifth largest economy in Sub-Saharan Africa, with a mostly young population.
He explained to the more than 150 businesspeople present that Angola has followed its development path, based on democratic principles, justice and social equity.
“We have an open economy with enormous economic potential and are consolidating a set of reforms with the purpose of improving the business environment and encouraging private investment”, he assured.
The private investment law currently in force, he said, grants freedom of movement of capital, formation of partnerships and access to tax benefits.
The President of the Republic has been on a 48-hour official visit to South Korea since this Monday.
Top five economies
According to the 2023 projections of the International Monetary Fund (IMF), Angola is one of the five main economies to be taken into account, in Sub-Saharan Africa, alongside Nigeria, South Africa, Kenya and Ethiopia.
The IMF understands, however, that Angola will regain its position as the third largest economy in the region, thanks to the return to growth linked to the increase in oil prices.
As the current largest oil producer on the continent, replacing Nigeria, Angola is also known as “a significant producer” of rough diamonds.
Angola’s Gross Domestic Product (GDP) is expected to continue to grow in the coming years, after a forecast of 8.6% and around US$135 billion in 2023, a significant increase compared to previous years.
In turn, Ethiopia is expected to replace Kenya as the fourth largest economy in Sub-Saharan Africa, due to the easing of the armed conflict.
Another reason advanced by the IMF for Ethiopia’s likely rise is the continuation of “ambitious efforts” at economic reform aimed at opening up “one of Africa’s fastest-growing but most closed economies.”
The IMF predicted a GDP of 126.2 billion dollars for Ethiopia, with an expansion of 13.5% and continued growth in the coming years.
Meanwhile, Nigeria remained the continent’s largest economy in first place in the sub-Saharan African economic ranking, with a GDP of US$574 billion in 2023.
South Africa also maintained its position as the second largest economy in Sub-Saharan Africa, with a GDP of 422 billion US dollars.
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