In Equatorial Guinea, Recession Has Little Impact
Equatorial Guinea is, to most, a relatively unknown country squeezed between Cameroon and Gabon on Africa’s eastern coast. But this tiny country with a spotty past is a rarity in today's economic climate. The New Yorker's Steve Coll recently traveled to Equatorial Guinea and reports that somewhat amazingly, Equatorial Guinea's economy is relatively stable.
Coll’s short piece is accompanied by photos, which are perhaps the most effective way to communicate his point: That the citizens of Equatorial Guinea are finally reaping the benefits that 20 years of oil revenue — wealth that had only been shared among the country's political elites until very recently.
Equatorial Guinea is by no means a success story yet, as many citizens still don’t have access to potable water and more than 70 percent live below the poverty line.
Perhaps Coll is prematurely hopeful, but the modest economic gains made Equatorial Guinea amid a global economic downturn are worthy of notice nonetheless.
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A correction then a comment
Equatorial Guinea is on Africa's west coast, the statement of reaping benefit is too early to say, as the population of this country is particularly small reducing the possibility to distinguish the benefits visible thanks to the growing infrastructure and development and the money available per capita against the ruling class
Don't be fooled
Equatorial Guinea is an utter disaster, and will remain so. Just like Angola, Nigeria, etc. It's easy to import thousands of foreigners to build large buildings. But how much use will those buildings get? How many natives will finish high school, or perhaps college? Not many.
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