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Discussion Starter · #1 ·
Angola Records 20.6 Percent Growth for 2005


May 25, 2006
Posted to the web May 25, 2006

Luanda

Angola's growth reached 20.6 percent in 2005, the government said on Wednesday.

The oil-driven economy grew at its fastest pace since independence in 1975, according to government figures.

The International Monetary Fund (IMF) predicated growth of 18 percent for 2005 against a figure of 12.2 percent for the previous year. The IMF expects growth of at least 27 percent for 2006, which would make Angola the fastest growing economy in the world.

Angola is sub-Saharan Africa's second largest oil producer. High oil prices and development in the sector have helped the country rebuild infrastructure following the end of a 27-years civil war in 2002.

Angola produces 1.4 million barrels of oil per day, most of which is exported to China. Investments from BP, Chevron, Exxon Mobil and its own national oil company Sonangol are likely to take this figure over 2 million by the end of 2007.

Angola has used some of its oil revenue to build up reserves of $14.4bn.
Although the government has built up reserves and is trying to diversify revenue, oil still accounts for over 80 percent of current fiscal receipts.
 

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Discussion Starter · #6 ·
Naga Solidus, No, it is much better due its its sheer size and massive natural ressoruce potential. Angola is presently like the Wild West, investors from all over are flocking to that country in droves (and many people are not merely interested in the oil sector). If Angola mantains its double digit growth for at least ten years, the country will have unrecognizably changed. :)...and it might be better than Thailand for example... :) and on par with countries such as Malaysia
 

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sadly no african country (apart from perhaps SA or Botswana)will achieve what the far east has achieved as the corruption and incompetance in angola is still huge. But it is doing well and I deal with angolan investments practically every day in my job. A very enjoyable country to visit.
 

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Discussion Starter · #9 ·
Mike 2000, If we were fortune tellers, we would already all be young millionaires and gleefully relax our mind somewhere on the sun-drenched and coconut-tree plastered French Antilles or the Bahamas, so how can you predict that Africa will never change? (except SA and Botswana). Have it escaped your notice that Thailand has had more than 30 coup d´états in its past and that corruption riddles Malaysia as well? That South Korea was showered with hundreds of billion of dollars from its day of creation by the US? (all this doesn´t mean that Asia has done very well and showed a lot of will and strength of development, of course)....but to condemn the whole of Africa beforehand is far too early. Of course, Africa´s past gives more ground for pessism than for optimism but if we adopt only a pessimistic attitude "we can just drop an atomic bomb on the almost all African countries" ...because "they will never change" and that´s it!
Angola is emerging from almsot 35 years of brutal civil war, it is more than a generation lost. The country is not receiving a lot of aid as opposed to some countries in the Middle East which have even more oil like Irak for instance, and which are helped massively by the international community. Angola is doing EVERYTHING on its own and three years of peace is too early to indirectly say that it is a "failed state" and that it will never reach the potential of Thailand or Malaysia due to its so-called “corruption and imcompetence syndrom”. I cannot share that simple-minded viewpoint, sorry! (and I am not bulging with optimism but with a good sense of realism.)

As for India which is showing great economic viguour,...but I can tell you that Germany gave a toss for that country 15 to 20 years back. (“lost in abject poverty and underdevelopment”...”does the world truly who needs India”?, this is what sad thruth that occupied the minds of businesspeople as well as politicians at that time). Nowadays they are hastily queing up to get their slice of the juicy pie. Moreover, it is showered with enormous praise by the German media (which it also partly desserves, to my mind).

So please let´s be a bit more balanced. Africa´s success will largely be due to the development of South Africa but that does not mean that the rest won´t join the the trail to a “better world”. Thanks to the emergence of countries such as India and China, Africa will be offered a good chance (maybe its last in the age of capitalism) to climb the ladder of economic success. Angola and Nigeria, Ghana, Senegal as well as Kenya and Mozambique are well-positioned to take up the fight, too. (Maybe Côte d´ivoire and/or Zimbabwe, too, when durbale peace and “wisdom” returns to those two countries)


PS: As for Botswana which falls in the same catgory like Gabon, Namibia etc.....these countries will be too small to have any remarkable impact on the world stage. I largely doubt that they will ever reach the status of Thailand or Malaysia (due to their size) in terms of economic strenth not in terms of GDP per head. ..but they can perfectly position themselves in the field of agro-technology, mining-processing or the service sector.
:)
 

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mate you dont actually live here and you never have done!! I actually live and work in the africa for a US investment bank dealing with investments in africa and who deals with african governments every day as part of the job!!!Sorry but Africa (outside of SA) has some oppertunities to make money but none of it is well run by normal standards and as for living in it it is pretty miserable outside of SA and Botswana and Namibia. Sorry but whilst there is some good economic growth in parts of the continet it is still badly run and things are not getting any better. You go on about Angola and oother african countries but i bet you would like to bring up your kids in them!!! And I doubt in 50 years you would want to either. Sorry mate but thats the reality. Corruption/incompetance/stupidity/skills shortages etc are NOT getting better here and in many places they are getting much much worse. Even with angola 20% is 20% of basically nothing and with all that oil it would be quite remarkable if they were nopt achieving such growth with current oil prices!!!
 

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Discussion Starter · #13 ·
Mike2000, if you had read more of my postings you would have known that I lived and had grown up in Africa and still have many contacts as well as friends in various parts from and in Africa. (I do travel as well as my parents and friends to Africa) And I know many people who regret having left and seek to return because the miss the African way of life and the people. So you needn´t instruct me on Africa. (I am the wrong person for that) Sorry, but you are pretty one-sided: "Forget the rest of Africa outside of SA, Botswana and Namibia" :bash:

PS:Mike2000, you should apply for a post at the German media, I am sure that they will have a place for people like you.
 

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Discussion Starter · #14 ·
Miek2000, high growth rates are usually almost due to one or two sectors that are booming. Nobody can expect something different from a developing country at the beginning...and even the more from a nation which has been ruined by war. Growth deriving from the export of natural resources was and is the case for South Africa as well as for Botswana (diamonds) and Namibia, too. Moreover, Nigeria is also experiencing growth outside the oil sector. I cannot understand why you already condemn Angola so early? 3 years of peace and you are expecting another Malaysia/Thailand/South Africa from a country that has suffered almost 35 years of brutal civil strife and war??? Angola has a very good source of highly professional people who are returning to the country....and the country is truly doing a great effort at reconstruting WHICH IS NOT EASY AS IT IS NOT REALLY SUPPORTED BY THE INTERNATIONAL COMMUNITY (besides, its former colonial power Portugal which has a particular relation)

GIVE IT SOME MORE TIME. How can you say that Angola will be exatly in 50 years time as it is nowadays? Is our world the same place nowadays as it was 50 years back (1956)????? HISTORY AND CHANGE NEED TO BE KEYWORDS YOU SHOULD KEEP IN MIND :yes:
 

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Sometimes people judge countries, especially African countries, on a different perspective. Of course, African countries won't be moving in the same wavelength as the Europeans. They both have different parameters. African countries will be moving forwards based on the variables that they have. It's not going to be in the same fast phase as the Europeans but they will surely be moving forwards. Angola is having a revival with the help of professionals who had their aliyah just like Israel had theirs. The same thing is true with the El Salvador. Because of political trouble, many of El Salvador's citizens left. Now they are coming back armed with the knowledge they gained while staying in advance countries like the U.S.
 

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this is useless info to me unless the money is going back to the country and develop areas "OUTSIDE LUANDA " and to the poor its nothing ,we got the same prob here in sa ,for some reason most african leaders like keeping the money to themselves and buy houses in euro ....there i said it 3rd world mentailty
 

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mate am not condeming it Im just saying that NO african country will achieve what aisia has. Africa has been independant for many many years anmd under the same global trade conditions as aisia it has gone backwards and sorry to say outside of a few economic stats is still going backwards!! Angloa has few if any proffesionals and as for your assertion that it has many skilled people returning : I very much doubt that. I go many times a year and most doctors etc want to leave not go back. How many times have you been to angola mate? I applaud you efforts on this forum but you and all you other european and american posters are very nieve when it comes to our continent!!
 

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Discussion Starter · #19 ·
Mike2000,How can I be naive when I am an african (or at least half African)? I have been to Angola twice and my father has good contacts to that country...as he travels there frequently on his business trips (as to many other parts in Africa). He is an TRUE AFRICAN so I really trust him what he tells...and he is saying the absolute opposite of you. PEOPLE ARE RETURNING AND NOT LEAVING. (whwn you talk of leaving here in Germany last years more than 150 000 Germans left due to the bad econimic condition of germany and germany is still statistically NO. 3 in the world)
Angola is moving in the right direction. (this what his businesspartners are telling him and when he speaks to the folks down there....., this doesn´t mean that there are still challenges to overcome).
Angola gained its independence from Portugal in 1975 and a brutal civil war after the war of liberation set inn. Peace was sealed in 2002...so 3 and half years ago, that country starts to build up in some areas from scratch. ....We are not living in 2025 so that we can say angola has failed.
As for Asia (take out South Korea, taiwan, Singapore and Hong Kong as well as the other giants India and China)....with the rest of the countries, nothing very extraordinary that cannot be achieved by African countries such as Angola in the same span of time if not even shorter than Thailand, Indonesia or Malaysia has down. We are not talking about the first generation tiger economies, this will be very difficult to achieve for African countries...but for the second generation tiger economies, no doubt about them. (I have been to Thailand and Malaysia for holidays and I know what I am talking about)
 

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er a true african? what do you mean by that? as in south africans/zimbabweans are not true africans? How long have you lived here and where? Sorry mate but Africa cannot achieve what aisia has done as it does not have the skills base.
 
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