West African Nation has one of the Highest GDPs in the Continent
The African Economic Outlook report has listed Equatorial Guinea as a top destination in Africa for foreign private investment highlighting it as one of the countries with the highest GDP.
The report provides analysis and updates on the economic, political and social status of African nations and is convened by the Organization for Economic Cooperation and Development (OECD) every year.
According to this year’s edition, Equatorial Guinea has one of the highest Gross Domestic Product (GDP) per capita in the continent. Despite economic challenges in 2010, the country saw a growth of seven percent in 2011. “This upturn was sustained by renewed activity in the oil sector and public investment,” reads the report.
The report also predicted that Equatorial Guinea would see a growth of four percent in 2012. It recommended that the country continue its pursuit to diversify the economy in order to further reduce poverty and improve living conditions for the population.
Equatorial Guinea’s top ranking on the African Economic Outlook report shows President Obiang’s efforts to expand the oil sector and public investment in the country.