Ver Angola

Economy

UN forecasts 1.8 percent recession in Angola this year

Helena Afonso, an economic affairs analyst with the Africa portfolio at the United Nations, said this Sunday that the UN forecasts a recession of 1.8 percent in Angola this year, anticipating a recovery of 1.5 percent in 2021.

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In an interview with Lusa from New York, the United Nations headquarters, Helena Afonso said that she expects "Angola to continue in a serious and prolonged recession, with growth of -1.8 percent in 2020 due to the collapse of oil, lower oil production and the impact of the covid-19 pandemic".

For 2021, she added, "economic activity should gradually recover to 1.5 percent and debt levels are high and there will be a sharp reduction in foreign currency inflows, which greatly limits the country's capacity to contain and mitigate the effects of the economic slowdown, which could evolve into a period of significant imbalance in the balance of payments".

In an interview with Lusa, Helena Afonso also stressed that foreign aid will be very important for African countries: "Solidarity will be very important not only between African countries, but also solidarity coming from the rest of the world; however, we have seen the opposite, and some countries have restricted exports of food and medical supplies, which are crucial imports for combating the virus in Africa".

"At the UN we see the situation in a somewhat worrying way, Africa has a very great potential to have a large number of cases, it is one of the regions where the number of cases is growing the most despite the measures in place, the capacity is the smallest, but so far it is still one of the least affected regions in terms of the number of cases and deaths", said the specialist.

"Regrettably, even before facing a general health crisis, most countries have already entered an economic crisis; many were still in the recovery phase from the 2014 crisis and were in a difficult situation when they entered the pandemic, so this is a very big test for the resilience of Africa and Africans," she added in a telephone interview with Lusa from New York.

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