ANGOLA: ANGOLA TAKES A HIT

摘要

The Angolan economy is expected to contract by 4.1% in 2020, according to the latest forecast of the Economist Intelligence Unit (EIU) for the country, which compares with a previous projection of -2.6%, as a result of the fall in oil prices and the effects of the Covid-19 pandemic. The document notes the fight for market share between Russia and Saudi Arabia and the drop in demand following the emergence of the new coronavirus that led to a fall in prices of the main product exported by Angola. The cost of a barrel of oil is now expected to oscillate at around USD32 this year, whereas previous estimates pointed to a figure of about USD60 per barrel.