Africa-Press – Angola. The Minister of State for Economic Coordination, Manuel Nunes Júnior, said recently in Luanda that the President of the Republic, João Lourenço, led the country’s economic reforms at challenging times and “with internationally recognized successes”.
Speaking at the 3rd Political House Party, MPLA in dialogue with cadres, families and companies, in Luanda, Manuel Nunes Júnior informed that the inflation rate could be around 19%, until the end of 2022.
At the event, which took place under the slogan “Improvement of the Business Environment and Diversification of the Economy”, the inflation target for this year was lowered, due to the increase in the production of products of broad popular consumption and balance in the foreign exchange market.
He made it known that for the next five years we are going to work to have a single-digit inflation rate, that is, around below 10%”.
The also member of the MPLA Political Bureau, who referred to trust as a fundamental element in life and business, argued: “Angolans should continue to bet on the MPLA and its leader because they are taking the country back to economic growth, after five years.”
Still on the inflationary trend, he highlighted that the current situation is decreasing, which he considered to be a unique process because the world is experiencing moments of generalized price increases, due to fundamental issues of Covid-19 and also the impasse between Russia and to Ukraine.
“In Angola, due to the concrete measures that have been taken to increase national production and, also, in advance of the economic reforms, especially the Strategic Food Reserve, we are therefore experiencing a situation of low prices which, in other words, is driving the country the reduction of inflation rates”, he maintained.
The leader of the economic team pointed to the need to continue working so that in the next five years the average growth of the economy is not less than 3.5%, he recognizes that it is a challenge since the population grows annually by about 3 %.
Non-Oil Sector
Regarding the growth of the non-oil sector, Manuel Nunes Júnior said that in the next five years the Executive will work to ensure that it does not fall below 4.6% of the Gross Domestic Product (GDP).
During his approach, he also highlighted the drop in the unemployment rate that has been occurring since the third quarter of 2021, where it stood at 34.1%, currently stands at around 30%.
Manuel Nunes Júnior was also concerned about the current levels, pointing to more energetic measures such as the emergence of free zones, which could lead to an acceleration of national production and a wide offer of employment. However, he highlighted the 2.3% increase in the second quarter.
On the occasion, the Minister of State for Economic Coordination said that the reforms that were implemented from the macroeconomic point of view are for the development of the country, to create conditions for growth.
“Economic growth is the key, we can have stable exchange rates, balanced budgets, if the country does not grow, there is no employment, there is no well-being”, he concluded.
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