(Bloomberg) – The Angolan economy, which is expected to return to growth this year after a five-year recession, must grow by at least 3% per year to meet the needs of its growing population, said Secretary of State in the budget. .
Africa’s third largest oil producer has one of the youngest populations in the world. The World Bank estimates that the number of people in the country increased by 3.3% in 2020 to 32.9 million, double what it was two decades earlier.
“To generate wealth for people, we have to grow more than the rate of population growth,” Aia-Eza Gomes da Silva said Thursday in an interview. “A growth rate of at least 3% per year would be desired.
The economy is expected to grow by around 0.2% this year and 2.4% in 2022, helped by rising oil prices, according to the finance ministry. According to Gomes da Silva, the government is trying to diversify the economy away from crude by increasing spending on education and health to create jobs and improve the lives of ordinary Angolans.
Despite Angola’s oil wealth, more than half of the population lives on less than $ 1.9 a day, according to the World Bank. It is estimated that 31% of the working population was unemployed in the first quarter, according to data from the National Institute of Statistics of Angola.
President Joao Lourenço will face general elections next year in an attempt to secure a second term as head of a country where data from the statistics portal Statista shows the median age is 16.7 . Angola’s fertility rate is among the highest in the world, at 5.4 children per woman, according to data compiled by the World Bank.
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