Angola: Oil, Broad-based Growth, and Equity

Overview

Once one of the world's largest staple food producers, Angola is now known as a major oil exporter—the second largest producer in sub-Saharan Africa. Angola is also the world's fourth largest producer of rough diamonds in terms of value, with the potential to become one of the leading global diamond producers. In addition to oil and diamonds, the country is well endowed with agricultural resources which remain mostly untapped. However, despite the country's significant natural wealth, a prolonged civil war, the ...
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Overview

Once one of the world's largest staple food producers, Angola is now known as a major oil exporter—the second largest producer in sub-Saharan Africa. Angola is also the world's fourth largest producer of rough diamonds in terms of value, with the potential to become one of the leading global diamond producers. In addition to oil and diamonds, the country is well endowed with agricultural resources which remain mostly untapped. However, despite the country's significant natural wealth, a prolonged civil war, the rapid development of the oil sector, and the policies pursued after Independence in 1975 have left the Angolan economy in a unique situation, characterized by very uneven indicators of development.

The Angolan economy is now experiencing massive oil windfall gains that are expected to last throughout the next decade. Since oil rents are to a large part concentrated in the public sector, the question of how the oil revenue should be spent and distributed across present and future generations becomes key to any economic development strategy. This study identifies six core areas where a strategic approach for the development of a broad-based growth strategy is required:

i. the incomplete transition to a market economy;
ii. macroeconomic management;
iii. governance and transparency in the management of the mineral wealth;
iv. the business environment;
v. agriculture; and vi. public service delivery to the poor.

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Product Details

  • ISBN-13: 9780821371022
  • Publisher: World Bank Publications
  • Publication date: 6/8/2007
  • Series: Country Studies
  • Pages: 214
  • Product dimensions: 6.80 (w) x 9.90 (h) x 0.60 (d)

Table of Contents


Preface     vii
Acronyms and Abbreviations     ix
Prefacio     xi
Sumario Executive     xiii
Executive Summary     xxxv
Introduction     1
Country Background: Socio-Economic Realities Before and After Independence     5
Socio-Geographic Characteristics     5
Living Standards Indicators     7
The Transition to Independence     11
Policy Choices and Structural Changes     14
Macroeconomic Performance in a Time of Transitions The Transition to a Market Economy     19
More Revenues and Less Inflation     22
The Tensions of Transition     32
Oil Wealth: Policy Options to Manage the Windfall     39
The Characteristics of the Petroleum Sector     39
The Legal Framework Governing the Sector     43
Governance, Transparency and Institutional Capacity     47
Oil Wealth: How Much and for How Long?     53
Intergenerational Considerations     59
Policy Options To Manage the Windfall     60
The Diamond Sector: A Potential Underexploited     67
The Characteristics of the Diamond Sector     67
Governance: Opaque and Unstable Legislation     69
The Business Environment: Not Competitive Enough     71
A Three-Pronged Strategy to Unleash the Potential of The Sector     73
Private Sector Development and the Business Environment     81
The Private Sector in Angola     81
Trade Patterns and Regional Integration     88
Recent Actions to Improve the Business Environment     93
The Way Forward     96
Removing Obstacles to Agriculture and Rural Development     103
A Sector Facing Daunting Challenges     103
Removing Obstacles to Output Growth     105
Stimulating Competitiveness through Better Incentives     113
Annex I     116
Annex II     117
Supporting Livelihoods and Improving Service Delivery     123
Supporting Livelihood Strategies     123
Strengthening Existing Social Programs     127
Reaching the Poor with Social Services     130
Using Fiscal Savings to Improve Service Delivery     135
Statistical Appendix     139
References     153
Map of Angola
Endpiece
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