Republic of Equatorial Guinea, Article IV Consultation, 2009

Republic of Equatorial Guinea, Article IV Consultation, 2009

International Monetary Fund | March 25, 2009
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An economic overview and analysis of Equatorial Guinea by the IMF.

"Equatorial Guinea’s petroleum-based economy has become an important contributor to growth in central Africa.  Medium-term prospects are good, but sustaining growth, diversifying the economy, and generating employment will require improvements in the business environment.  

Poverty remains high and social indicators weak. The analysis of the 2006 Household Expenditure Survey showed that about 77 percent of the population fell below the poverty line in 2006, a strikingly high rate of poverty.

The National Development Plan (NDP) adopted in 2007 will guide the government’s economic strategy until 2020. It provides a reform framework to diversify the economy and enhance external competitiveness. The four main pillars are improvements in infrastructure, human capital, governance, and social welfare. Its macrofiscal policy, based on a permanent income model, will help contain inflation and improve long-run fiscal sustainability. Structural deficiencies are obstacles to the success of the NDP. The financial system, though underdeveloped, appears generally sound. The weak statistical base hinders macroeconomic assessments..."

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