The second phase will focus on economic diversification, targeting strategic new sectors such as fisheries, agriculture, tourism and finance. Other Titles: Equatorial Guinea, statistical appendix Responsibility: prepared by a staff team consisting of Mr. You can help correct errors and omissions. However, the country macroeconomic and fiscal situation has deteriorated following the oil price drop. The E-mail message field is required. In this respect, the representatives of the central banks have adopted a series of measures to confront this problem, and have analysed other thorny issues, such as the crimes committed by the Islamist group Boko-Haram, which are irretrievably affecting the economy of the African continent. How to foresee these external impacts was also analysed, and how to establish prudent measures and well-calibrated financial safety nets.
The macroeconomic stability needed to be complemented by a number of structural reforms to foster non-oil growth. The significant economic impact of the recent drop in international oil prices has underscored the importance of promoting non-oil growth and increasing efficiency of spending. It is composed of a mainland, Rio Muni, and small islands including Bioko, where the capital Malabo is located, and others such as Annobon, Corisco, Elobey. The underdeveloped financial system has been unscathed by the global financial turmoil, and appears generally sound. Description: 1 online resource 41 pages. Basic infrastructure is being developed, and although.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. Equatorial Guinea is largely dependent on oil. Political Overview President Teodoro Obiang Nguema Mbasogo has served for 39 years, making him the longest-serving head of state in Sub-Saharan Africa. Suggested Citation Corrections All material on this site has been provided by the respective publishers and authors. For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Jim Beardow or Hassan Zaidi The email address of this maintainer does not seem to be valid anymore.
The authorities agreed that Equatorial Guinea's medium-term economic outlook was favorable, provided that sound economic management was put in place and maintained. They will hold the next meeting in Switzerland, in 2017. Successful fiscal consolidation, non-accumulation of new arrears, and reduction in off-budget spending will be critical to restore macroeconomic sustainability and avoid a disorderly adjustment. Please ask Hassan Zaidi to update the entry or the correct email address. This allows to link your profile to this item.
Furthermore, it was reported that the real impacts are imbalances that affect the real economy, such as a brutal rise or fall in prices, while monetary impacts are linked to the decisions of the authorities controlling monetary policy, with reference to the setting of interest rates. The main challenge facing the authorities is to restore macroeconomic stability. You can help adding them by using. General contact details of provider:. . Each report, prepared by a staff team after discussions with government officials, is published at the option of the member country. Each report, prepared by a staff team after discussions with government officials, is published at the option of the member country.
Economic Overview After the discovery of large oil reserves in the 1990s, Equatorial Guinea became the third-largest producer of oil in Sub-Saharan Africa, after Nigeria and Angola, and has been one of the fastest growing economies in Africa in the past decade. The first phase of Horizon 2020, which focused on infrastructure development, was concluded in 2012. His position was bolstered by his landslide victory in the last presidential election in November 2009. We have no references for this item. Executive Directors expressed concern about the continued weakness in economic policy performance, macroeconomic management, and governance. Basic infrastructure is being developed, and although achievements in social areas have been muted, expenditure in this area is programmed to rise.
Each report, prepared by a staff team after discussions with government officials, is published at the option of the member country. The government is planning to redirect public investment from infrastructure towards the development of new economic sectors. More recently, substantial gas reserves have also been discovered. In total thirty-eight francophone central banks took part, representing fifty-eight countries, both African and European. It is well endowed with arable land and mineral resources ranging from gold, oil, uranium, diamond, and columbite-tantalite, and notably petroleum discovered in the 1990s.
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