Angolan Economy Set for COVID-19 Blow

Angolan President João Lourenço. AMPE ROGERIO / AFP

The COVID-19 pandemic is having a severe impact on the global economy, from aviation and tourism to car sales. Already, markets have been upended, with commodities like oil being especially hit. With its economy still reliant on oil exports, Angola’s expectations to end a 4-year recession in 2020 are now fading away.

Speaking last Friday in Luanda, before his party’s Central Committee, Angolan president João Lourenço admitted that the country’s economic forecasts “should be rethought, reviewed and adjusted”, due to the drop in oil prices, caused by the coronavirus pandemic.

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by Eric Olander

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