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Angolan Economy to Grow 2.9% This Year on Oil Gains, IMF Says

  • IMF says Angola met key recommendations of three-year program
  • Country is seeking to recover from five years of recession
Motorcyclists parked on a street in Luanda, Angola, on Oct. 19, 2021. 

Motorcyclists parked on a street in Luanda, Angola, on Oct. 19, 2021. 

Photographer: Dogukan Keskinkilic/Anadolu Agency/Getty Images

Angola’s economic growth is forecast to accelerate to 2.9% this year from an estimated 0.1% in 2021, boosted by higher oil prices and a relaxation of Covid-19 restrictions, the International Monetary Fund said.

“Angola’s economic performance is beginning to improve after years of recession,” the Washington-based lender said in a statement published on its website that includes a final staff report on Angola’s three-year extended arrangement. “Vulnerability remains high, however, with very elevated debt levels and a heavy reliance on volatile oil export receipts.”