Angola’s economic difficulties, caused by overdependence on oil for government spending and foreign exchange earnings, will delay any recovery for the next 12 months as global oil prices remain low and efforts by the government to diversify the economy are frustrated.
In combination with the run-up to the general elections in 2017, this could cause increased political risk that multinationals need to factor into their expectations for the market.
Companies should consider their Angola business in the context of longer-term opportunities, but be prepared for another challenging 12 months ahead in which many of the present operational challenges, in particular high inflation and foreign currency shortages, are unlikely to be resolved.
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