Gabon Economy - Development Improved outlook for Gabon economy
According to the latest International Monetary Fund (IMF) analysis of the Gabonese economy, released today, a more optimistic outlook can now be presented. The IMF, after meeting Economy Minister Magloire Ngambia in Libreville, has strongly adjusted upwards its GDP growth projections for Gabon.
According to the IMF analyst, the foremost risk to the economic outlook for Gabon is a decline in oil and manganese prices. "These commodities account for about 90 percent of total exports of goods and 45 percent of nominal GDP," Mr Akitoby recalls. The Fund hails the Gabonese government's aims to transform the country into "an emerging economy through diversification away from oil" and the promotion of a business friendly environment. This was especially important as Gabon's long-time key export product, oil, was getting exhausted. Oil production has declined for over ten years. Gabonese authorities, facing declining revenues, were forced to ask for IMF assistance to reform the corruption-ridden economy in 2002. With far-ranging reforms implemented during the next three years, authorities sought foreign investments in industry, agriculture and tourism to lessen the country's dependence on its dwindling oil resources. These efforts paid off last week, as President Ali Bongo on an official visit to Singapore secured record investments totalling US$ 1.7 billion. Contracts were signed to construct a large fertilizer production plant in Port Gentil and to establish palm oil plantations over an area of 300,000 hectares. By staff writer © afrol News - Create an e-mail alert for Gabon news - Create an e-mail alert for Economy - Development news
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