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Angola fact of the day
The International Monetary Fund projects a 24 percent economic growth this year — one of the fastest rates in the world.
Wow. Here is fact number two:
...the Catholic University of Angola’s research center say two in three Angolans still live on $2 or less a day, the same percentage as in 2002...no one disputes that most Angolans face appalling living conditions, sky-high infant mortality rates, dirty water, illiteracy and a host of other ills.
If you hadn't guessed: it's oil money: "The government is taking in two and a half times as much money as it did three years ago."
Posted by Tyler Cowen on October 18, 2007 at 12:23 AM in Data Source | Permalink
Comments
I got a cup full of that oil, and I'm paid plus I'm sittin' side ways.
Posted by: José Eduardo dos Santos at Oct 18, 2007 1:23:42 AM
I wonder which macro statistic reflects the situation on the ground? Given the corruption in Angola and participation of non-Angolans in the oil industry, I'd bet that most of that economic growth is going to show up in Swiss accounts, consultant fees, and military hardware. "Oil is the Devil's Shit"....
Posted by: David Zetland at Oct 18, 2007 7:59:53 AM
From IRIN Africa:
"A big chunk [about 17 percent] of the [national] budget is for 'special use', and no one really knows what it is used for,"
http://www.irinnews.org/Report.aspx?ReportId=61395
Posted by: Protagonist at Oct 18, 2007 9:04:58 AM
Isn't this mostly because China just started colonizing Angola in earnest last year, and inked huge deals with the Angola's rulers for access to the country's natural resources? My understanding is that in order to extract Angola's natural resources, they're rebuilding much of the European colonial infrastructure (which was built for the same reason in the first place), and this is also increasing employment among the native population.
Posted by: Taeyoung at Oct 18, 2007 9:58:35 AM
well, no David Zetland, it's not all showing up in swiss accounts and military hardware.
Like taeyoung said, they're undertaking a massive reconstruction program. (re)building roads, bridges, airports that were destroyed during the cold war related civil war.
Of course, Public Works companies are what's hot and of course generals and MPLA members and their families didn't miss the train.
That's also what is making me doubt that the growth is only oil.
one thing one has to remember is that Angolan oil is offshore (it's also mostly in Cabinda but that's another topic). That source of revenue was never affected by the war as MPLA controlled the coast.
Now that the government controls the full territory and that the infrastructure is being rebuild, well, ressources in the interior are being tapped again, the diamond (not blodd anymore), the other minerals, the farmland.
what's interesting is that the government of angola itself sort of admits that they don't do much social spending. schools and hospitals aren't being built as fast as airports and office buildings.
So what does that say about social spending ?
Posted by: nu at Oct 18, 2007 10:23:40 AM
To keep it simple: Angola GDP is strongly dependent on the price of oil.
Posted by: Badger at Oct 18, 2007 12:32:29 PM
http://www.elpais.com/articulo/internacional/Brasil/invertira/Angola/1000/millones/dolares/elpepuint/20071019elpepuint_7/Tes
Posted by: Jules at Oct 18, 2007 9:08:25 PM
just cut the bulshit of this stupid so calle GPD, most of us angolan never even touch the cents wich the mineral rich of angola sold each year, if you will tell the truth of suffering of angolan people then you are dam wright.
the fact is the corrupted western world is happy to see how black people suffer and pretend of giving their aid so that somme stupid black leaders and their peers continue to full our people, without western protection of african so calle leaders, they will not stand a chances of staying in the power for 30 years like kings, murdering, slottering, prosecuting people for discusing their wright i wonder why the creater see all this unjust and do nothing. If you don't know i will tell you this colonisation sitll continue.
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