Integration of informal sector boosts economic growth

Luanda – The adoption of policies aimed at integrating the informal sector into the economy will boost the growth of productive activity widening the tax base still dependent on oil, said Tuesday in Luanda the economist Michel Abdelouhab.

He stressed that the States should diversify economic activity, creation of job and strategies that speed up the financing for non-extractive industry in order to reduce dependence on oil.

Speaking at the workshop on Economic Francophonie, the official noted that the shortage of funds for developing economic activities in the informal sector limits the capacity to boost strong economic activities.

Also University professor, he said that the absence of non-oil companies and high inflation are the negative consequences resulting from dependence on oil in a country’s economy.

According to him, Angola has great agricultural potential and a performance in telecommunications and internet networks.

He also mentioned the existing of banking sector and development of tertiary services that should be valued for diversification of the economy.

Source: Angola Press News Agency