"For Angola, we forecast an average annual growth of 2.5 percent between 2020 and 2025, which is a very weak number, in a country where the population grows above 3 percent every year," said Fáusio Mussá during the speech. his opening presentation on the Angolan economy, a session organized by Standard Bank on investment opportunities in Angola and Mozambique, taking place this morning in Lisbon.
In the presentation, Fáusio Mussá reviewed the last few years, concluding that "there has been a great effort in the last five years, but there is a need to continue to make reforms".
Considering that "very solid foundations have been laid for the country to continue implementing reforms" regardless of the result of the August general elections, Fáusio Mussá pointed out that Angola will continue to be an oil-dependent country for at least the next ten years.
"The oil sector represents 95 percent of exports, 33 percent of the volume of exports is tax revenue and oil is worth 33 percent of the budget, so it is unrealistic to think that in the next ten years Angola will reach a high level of diversification; will be an ongoing objective but it will take a long time for the economy to diversify more and become less dependent on oil", he said.
In the macroeconomic framework, Standard Bank predicts an exchange rate of 440 kwanzas per dollar, which compares with the 650 provided for in the State Budget, and an average of 93.6 dollars per barrel this year, which is positive for the country. given the dependence on oil.
Regarding inflation, the bank predicts that if the rate is between 12 and 15 percent by 2025 and expects a "gradual removal of fuel subsidies, because if the country does not carry out this reform of fuel prices, some foreign investments will not be attractive", he warned.
Standard Bank, the largest private bank operating in Africa, is organizing this morning in Lisbon a conference on investment opportunities in Angola and Mozambique.