Ver Angola


Eaglestone: OGE shows improvement but still does not reach the population

The chief economist at consultancy Eaglestone told Lusa that Angola's 2023 State Budget shows improvement in economic conditions, but warned that it will still take time for the population's living conditions to improve.


"The General State Budget for 2023 shows a more positive macroeconomic and public accounts scenario compared to 2022, with a positive trajectory, mainly taking into account the recession from 2016 to 2020 and a certain stabilization of the economy in 2021, with very strong growth. slight 0.7 percent," said Tiago Dionísio.

Speaking to Lusa to analyze the General State Budget (OGE) for this year, the chief economist at consultancy Eaglestone stressed that "the growth target for 2022, of 2.7 percent, should be achieved with relative ease, as that up to the third quarter, growth was already 3.4 percent", but he stressed that it will still take some time for the return to economic growth to be felt in people's lives.

"Let's see if the improvement in economic conditions is reflected in the Angolan population and the standard of living, we'll see, but after a period of five years of recession, it will still take some time", warned the Portuguese economist.

The State Budget for 2023 forecasts economic growth of 3.3 percent, in line with the 3.4 percent estimated by the International Monetary Fund (IMF), which is "quite reasonable", and an average expansion of 4.1 percent between 2024 and 2028, which represents "an improvement in growth in the coming years, which is important, but still not at almost double digits, as seen in the previous decade".

The inflation forecast, "contrary to what happens in most countries in the world, where it rises, in Angola, which should have reached the end of 2022 below the target of 18 percent, around 14.4 percent, and for 2023 the forecast is close to 11 percent", pointed out Tiago Dionísio.

The Budget, he added, "estimates to increase public investment to try to accelerate economic growth and improve employment in the country, which has a very high unemployment rate, around 30 percent, which could be improved by public investment", he concluded. .

The OGE2023 proposal, prepared with an average price of USD 75 per barrel of oil, below the 2022 average of USD 100, was delivered to parliament on December 9, 2022 and will be discussed and voted on Friday, day 13.

The Minister of State for Economic Coordination, Manuel Nunes Júnior, who delivered the document, said at the time that the OGE2023 has a budget surplus of 0.9 percent and that the expected growth rate will be greater than the population growth.

The OGE2023 proposal will fundamentally fulfill two objectives, he pointed out, listing the "continuation of the country's economic growth and the continuation of prudent budgetary management".


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