Angola Country Economic Memorandum : Towards Economic Diversification
The Angolan economy is at a significant juncture. The current growth model based on oil wealth is nearly exhausted and has not delivered inclusive growth and shared prosperity. Angola faces two broad policy challenges that need to be addressed urge...
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| Format: | Report |
| Language: | English |
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World Bank, Washington, DC
2019
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| Online Access: | http://documents.worldbank.org/curated/en/512551560455721028/Angola-Country-Economic-Memorandum-CEM-Towards-Economic-Diversification http://hdl.handle.net/10986/31898 |
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okr-10986-318982021-05-25T09:24:56Z Angola Country Economic Memorandum : Towards Economic Diversification World Bank Group ECONOMIC GROWTH DIVERSIFICATION COMPETITIVENESS PRIVATE SECTOR DEVELOPMENT GLOBAL VALUE CHAIN POVERTY REDUCTION REMITTANCES EXPORT COMPETITIVENESS EXPORTS AGRICULTURAL PRODUCTIVITY MACROECONOMIC MANAGEMENT SUSTAINABLE DEVELOPMENT NATURAL RESOURCES The Angolan economy is at a significant juncture. The current growth model based on oil wealth is nearly exhausted and has not delivered inclusive growth and shared prosperity. Angola faces two broad policy challenges that need to be addressed urgently: macroeconomic stabilization and a more inclusive economic growth. The internal and external imbalances following the adjustment to lower oil prices pose a challenge to macro-stabilization. The prospect of volatile oil prices and potentially diminishing oil reserves over the medium and long-term call for a new sustainable and inclusive growth model that promotes economic diversification, a model that is less dependent on natural resource exports. The new administration is aware of these challenges and has started to implement much needed reforms. Angola is right to focus on reforms that lay the foundation for long-term macroeconomic stability and economic diversification. Analyses conducted as part of this report indicate that there are significant gains to be had from such reforms. The objective of this report on Angola is to support policy makers in their reform efforts. The report is organized as follows: Chapter 1 takes stock of recent trends and determinants of growth in Angola, highlighting the importance of natural resource wealth and volatility for growth outcomes. Chapter 2 presents the findings of a growth diagnostic for Angola, and highlights low human capital, access to finance, weak institutions and macroeconomic instability as critical and binding constraints for the non-oil economy. Chapter 3 uses product space analysis to evaluate Angola’s current and future potential for economic and export diversification, drawing attention to products and services sectors in which there is potential for export upgrading and/or product innovation. Chapter 4 provides an overview of the agriculture sector and assesses its potential for economic diversification. Chapter 5 sets out the way forward, identifying: critical reforms for macroeconomic stability; a fiscal framework for natural-resource wealth management; and macro-financial stability. 2019-06-19T13:40:31Z 2019-06-19T13:40:31Z 2018-12-01 Report http://documents.worldbank.org/curated/en/512551560455721028/Angola-Country-Economic-Memorandum-CEM-Towards-Economic-Diversification http://hdl.handle.net/10986/31898 English CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo World Bank World Bank, Washington, DC Economic & Sector Work Economic & Sector Work :: Country Economic Memorandum Africa Angola |
| repository_type |
Digital Repository |
| institution_category |
Foreign Institution |
| institution |
Digital Repositories |
| building |
World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English |
| topic |
ECONOMIC GROWTH DIVERSIFICATION COMPETITIVENESS PRIVATE SECTOR DEVELOPMENT GLOBAL VALUE CHAIN POVERTY REDUCTION REMITTANCES EXPORT COMPETITIVENESS EXPORTS AGRICULTURAL PRODUCTIVITY MACROECONOMIC MANAGEMENT SUSTAINABLE DEVELOPMENT NATURAL RESOURCES |
| spellingShingle |
ECONOMIC GROWTH DIVERSIFICATION COMPETITIVENESS PRIVATE SECTOR DEVELOPMENT GLOBAL VALUE CHAIN POVERTY REDUCTION REMITTANCES EXPORT COMPETITIVENESS EXPORTS AGRICULTURAL PRODUCTIVITY MACROECONOMIC MANAGEMENT SUSTAINABLE DEVELOPMENT NATURAL RESOURCES World Bank Group Angola Country Economic Memorandum : Towards Economic Diversification |
| geographic_facet |
Africa Angola |
| description |
The Angolan economy is at a significant
juncture. The current growth model based on oil wealth is
nearly exhausted and has not delivered inclusive growth and
shared prosperity. Angola faces two broad policy challenges
that need to be addressed urgently: macroeconomic
stabilization and a more inclusive economic growth. The
internal and external imbalances following the adjustment to
lower oil prices pose a challenge to macro-stabilization.
The prospect of volatile oil prices and potentially
diminishing oil reserves over the medium and long-term call
for a new sustainable and inclusive growth model that
promotes economic diversification, a model that is less
dependent on natural resource exports. The new
administration is aware of these challenges and has started
to implement much needed reforms. Angola is right to focus
on reforms that lay the foundation for long-term
macroeconomic stability and economic diversification.
Analyses conducted as part of this report indicate that
there are significant gains to be had from such reforms. The
objective of this report on Angola is to support policy
makers in their reform efforts. The report is organized as
follows: Chapter 1 takes stock of recent trends and
determinants of growth in Angola, highlighting the
importance of natural resource wealth and volatility for
growth outcomes. Chapter 2 presents the findings of a growth
diagnostic for Angola, and highlights low human capital,
access to finance, weak institutions and macroeconomic
instability as critical and binding constraints for the
non-oil economy. Chapter 3 uses product space analysis to
evaluate Angola’s current and future potential for economic
and export diversification, drawing attention to products
and services sectors in which there is potential for export
upgrading and/or product innovation. Chapter 4 provides an
overview of the agriculture sector and assesses its
potential for economic diversification. Chapter 5 sets out
the way forward, identifying: critical reforms for
macroeconomic stability; a fiscal framework for
natural-resource wealth management; and macro-financial stability. |
| format |
Report |
| author |
World Bank Group |
| author_facet |
World Bank Group |
| author_sort |
World Bank Group |
| title |
Angola Country Economic Memorandum : Towards Economic Diversification |
| title_short |
Angola Country Economic Memorandum : Towards Economic Diversification |
| title_full |
Angola Country Economic Memorandum : Towards Economic Diversification |
| title_fullStr |
Angola Country Economic Memorandum : Towards Economic Diversification |
| title_full_unstemmed |
Angola Country Economic Memorandum : Towards Economic Diversification |
| title_sort |
angola country economic memorandum : towards economic diversification |
| publisher |
World Bank, Washington, DC |
| publishDate |
2019 |
| url |
http://documents.worldbank.org/curated/en/512551560455721028/Angola-Country-Economic-Memorandum-CEM-Towards-Economic-Diversification http://hdl.handle.net/10986/31898 |
| _version_ |
1764475319783260160 |