Africa-Press – Angola. The Angolan Executive predicts, over the next 27 years, an increase in GDP of around 290 billion dollars, twice as much compared to the current period, said, this Thursday, the Minister of Economy and Planning, Mário Caetano.
According to the minister, who was speaking at the CEO’S 2023 Round Table, the Executive’s goal is to be part of the Long-Term strategy over the next 27 years (ELP-Angola 2050).
According to the minister, a population growth rate of around three percent and a GDP of 3.3% are expected, out of step with the population growth rate.
Mário Caetano said he expects the oil sector to represent 5% of GDP and the remaining 95 percent to come from the non-oil sector.
“It is also expected that the GDP per capita will be around 4 thousand 200 US dollars”, he reinforced.
He mentioned that the Executive is working to have an unemployment rate of 20 percent, compared to the current 30 percent.
In the field of foreign investment, he said, six billion dollars are currently raised per year and projections foresee foreign investment as one of the main drivers of the national economy, with a position of 164 billion dollars in 2050.
In relation to health, he pointed out that six more years of life expectancy are expected, going from 62 to 68 years old, and in education the forecast is that the years of learning will increase from 4.8 to 6.3, while the improvement in human capital index from fourth to third cartel.
He explained that the Executive is working to ensure that the economy is not dependent on oil, which represents around a quarter of GDP and is expected to reduce by up to 5 percent. “With this reduction, other sectors will be part of the economy such as agriculture, which should position itself with 15 percent in the structure of the Gross Domestic Product, industry 20% and the commerce sector with 20,” he said.
For Mário Caetano, these three sectors will have a double-digit weight, very close to 20 percent, which should have a weight of approximately 55 to 60% of GDP formation.
He added that the economy will need financing, with a forecast of 900 billion dollars by 2050, so that the Executive’s objectives can be put into practice by 2050.
Mário Caetano explained that of the 900 billion US dollars, 30 percent will come from the General State Budget (OGE) and around 48.3 percent will come from foreign direct investment, around 10 percent made available by commercial banks and 19 percent of oil sector investment.
The National Development Plan is a planning instrument that aims to materialize the long-term strategy of national development, which lasts five years and covers the main long-term strategies of sectoral and provincial development plans, among others.
The meeting brought together, among others, the former Prime Minister of Portugal, Paulo Portas, Minister of Petroleum and Mineral Resources, Diamantino de Azevedo, among others.
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