Ver Angola

Economy

Angola expected to pull out of recession this year with a modest growth of 1 percent, admits IHS consultant Markit

Bryan Plamondon, the analyst responsible for the African department at British consultant IHS Markit, told Lusa on Sunday that the economy should come out of recession this year, "despite modest growth of 1 percent".

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"Angola should come out of recession in 2020, despite modest growth of 1 percent," the analyst said in a statement to Lusa to anticipate the evolution of sub-Saharan Africa's second largest oil producer.

"The economy should begin to stabilise following the reforms under the International Monetary Fund (IMF) support programme," the economist said.

However, he concluded, "signs of further progress are needed to trigger more foreign investment and increased activity in the economy".

The country has been in recession since 2016, following the fall in oil prices and the resulting imbalance in public accounts, the result of a lack of economic diversification that was not made when prices were higher.

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