Angola was experiencing serious

Angola was experiencing serious

Blog Article

In 2017, dos Santos stepped down after 38 years as President and was replaced by new President Lourenço. At the time of the change of government, Angola was experiencing serious economic hardship, a major cause being the huge loans from China and the burden of repayment. First, the “Angolan Model” of Chinese loans based on oil has become unsustainable due to the drop in global oil prices and decline in Angolan oil production. The model was initially promising. After China made huge loans to African countries, these African economies began experiencing high growth due to the resource boom. Angola’s economy, in particular, experienced high growth based on the oil business. However, international oil prices started to plummet in 2014 สล็อต เว็บตรง