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Angolan Economy Predicted to Grow by 3% in 2024

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Global organization the International Monetary Fund (IMF) forecasts a 3% growth for Angola’s economy in 2024.

In a report titled, ‘Regional Economic Outlook on Sub-Saharan Africa: A Light on the Horizon?,’ the IMF projects that improved economic performance and a return to fiscal consolidation are also expected during the year, with the country’s 2024 growth surpassing 2023 levels. The report further suggests a forecasted year-on-year consumer price increase of 22.3% for 2024 in Angola, exceeding the sub-Saharan Africa average of 13.1%.

“The year 2023 posed significant challenges for both the region and Angola. We grappled with issues stemming from a decline in oil production, necessitating a downward adjustment of our economic growth projections,” Victor Lledo, the IMF’s Resident Representative for Angola, expressed during the IMF’s presentation of its report on Wednesday, November 1, in Luanda.

According to the IMF report, Angola’s real GDP growth in 2024 is expected to be lower than that of overall sub-Saharan Africa, which is projected to achieve a growth rate of 4% in the coming year.

Lledo also highlighted the general risks for Angola, primarily stemming from oil price volatility and the increasingly complex access to capital markets for African countries. In response to these challenges, he recommended that Angola continue to pursue macroeconomic stabilization, including controlling inflation through appropriate monetary measures.

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Thaakira Samodien

Thaakira Samodien

Thaakira Samodien is a strategic content writer at Energy Capital and Power. She has a shared passion for writing and is an advocate for the growth and development of African Nations