Namibia, which borders Angola, entered the competition as a new actor in the oil sector, as the economist signaled, believing that large foreign oil companies could move away from Angola due to the "crisis" in the sector and the business environment.
"The crisis in the oil sector in Angola is known, (where) there are no investments in prospecting, research and development and it seems that, now, these large foreign multinationals are looking for Namibia, because they recognize in this country that their business environment is acceptable and higher than that of Angola", stated Alves da Rocha.
Speaking to Lusa, the economist and also director of the Center for Studies and Scientific Research (CEIC) at the Catholic University, pointed out a series of factors that he considers to condition Angola's economic development, namely the current business environment, noting that the country needs of one more in relation to the current growth rate.
British consultancy Oxford Economics recently revised its economic growth forecast upwards, now anticipating an expansion of 2.9 percent this year, due to the increase in oil production to 1.17 million barrels per day.
For Alves da Rocha, national and foreign institutions have the freedom to make forecasts, "as long as they are based on scientific bases and methodologies", considering, however, the aforementioned growth forecasts for Angola in 2024 to be "insufficient".
"What I can tell you is that 2.9 percent (Oxford growth forecast) is not enough. Angola has to grow much more, the demographic growth rate is around 3 percent and 3.2 percent and, so that's not enough and I don't think it's enough to attract private investment", he stressed.
The director of the Center for Scientific Studies and Research (CEIC) at the Catholic University, who last April estimated a growth rate for the country's economy of 2.7 percent in 2024, said that often the forecast numbers from national bodies or foreigners approach.
"But, it all depends on the type of model used and the assumptions that are accepted (in preparing the forecasts), in any case 2.9 percentage is insufficient," he insisted.
The head of the CEIC, a body that analyzes and reports on the Angolan economy, lamented that factors and variables "persist" in Angola that negatively influence the country's economic growth.
In the business environment "there are many variables that influence decision-making on the part of private parties," said the researcher.
He listed, in addition to the macroeconomic component, problems in infrastructure (water, energy, roads), the lack of transparency and direct adjustments in terms of State investments, "which still prevail", as factors that condition growth and investment.
"And also the issue of the judiciary and its transparency, there are several factors and, of course, each institution that focuses on the Angolan economy when approaching these aspects will do it in a different way, but they are extremely important, especially to attract foreign investment", he highlighted.
Alves da Rocha also lamented that Angola has "one of the highest unemployment rates in the world", saying that this is a fundamental variable for attracting investments and for Angola to be able to pay and practice convenient salaries.
Angola, the second largest oil producer in Sub-Saharan Africa, produced 34.8 million barrels of oil in June and collected 714.38 billion kwanzas during this period, a 20 percent reduction compared to the previous month, according to official data.
