African Hot Spot: Angolans Are Enjoying Economic Boom

African Hot Spot: Angolans Are Enjoying Economic Boom

By all accounts, Angola is the place to be today. According to the BBC, “the African country of Angola can now boast of a booming economy and a growing regional and international diplomatic profile.”

Money is flowing from a new thrust of entrepreneurship as well as from oil revenues and loans from China that have paid for national reconstruction including roads, airports, bridges, hospitals and schools. The result is that its citizens have more disposable income. In fact, according to another BBC report, Angolans are spending on things such as luxury cars, especially  in the capital city of Luanda, the capital of Angola. “In fact, the local Porsche dealership cannot keep up with demand,” notes the BBC.

This new economic boom is making Angola one of the fastest-growing economies in the world. “Everywhere in Luanda, new buildings are rising from the ground, as a ballet of cranes is shaping the new skyline of the capital,” writes Emilie Iob of Voice of America (VOA). The country’s economy is growing at an annual rate of 11 percent. And being the second biggest oil producer in Africa, Angola “is attracting companies and western workers – many fleeing economic crises elsewhere.”

But the boom has a double edge. Poorer citizens are being moved out of the now-thriving parts of Angola and being re-settled in Luanda.  “Today, approximately 30 percent of Angolans live in Luanda, and the development of the city – that started even during the war – is expected to continue in the coming years,” according VOA.