Angola predicts increase of non-oil GDP more than three times by 2050

The Non-Oil Gross Domestic Product (GDP-NP) might grow 3.3 times, from USD 84 billion to USD 275 billion by 2050, with a population of the country estimated at 70 million inhabitants, according to the projections released by Angola 2050 Strategic Plan.

The plan presented Friday, called “Angola 2050- Long Term Strategy”, foresees that the Non-Oil Per Capita GDP will increase by around 1.2 times, from the current USD 3.067 to USD 4.215, with the support of non-oil exports which are expected to grow 13 times more, from USD 5 billion to USD 64 billion.

According to the Minister of State for Economic Coordination, Manuel Nunes Júnior, these projections bring about a paradigm shift in the country’s economic and financial system, where non-oil tax revenue is expected to grow by 56 percentage points (56 pp), from 32 to 88 pp.

In this period, GDP, currently standing at USD 122 billion, should reach USD 286 billion, which will represent growth of 2.4 times more and the Public Debt will experience a reduction of 6 pp from 66 to 60 percent over the GDP.

For the next 27 years, within the framework of Angola 2050, the life expectancy of Angolans will increase by six years, from 62 to 68 years of age, and the mortality rate, between five years, will decrease from 56 pp from 71 to 19%. Projections indicate that unemployment will fall by 10 pp from 30 to 20%.

In his speech, the minister of State said the Angola 2050 Strategy is based on five structural axes, namely “Valuing human capital”, “Strategic development of infrastructures”, Diversification of the economy, promotion of a sustainable ecosystem” and “Guarantee of a fair nation and equal opportunities”.

The process of public consultation of Angola 2050 – Long Term Strategy ends on June 12, 2023 in the province of Zaire.

On May 29 the process will cover the Angolan community in the diaspora.

The objective is to collect contributions from major public and private actors – collective and individual – with extensive experience and knowledge in the country’s different sectors of activity.

The document, with more than 400 pages, appears as a long-term strategic tool, as a basis for the preparation of the National Development Plan (PDN).

The ceremony to launch “Angola 2050-Long-Term Strategy”, was attended by Executive assistants, judicial magistrates, MPs the National Assembly, diplomatic corps accredited in the country, businessmen and members of civil society.

Source: Angola Press News Agency (APNA)