Oil Wealth Brings Needed Shools, Clinics to Angola
Countries: Angola
Angola is consistantly ranked as one of the poorest and least developed countries in the world. But a recent Economist article suggests that thanks to Angola's extensive oil reserves, things are starting to improve. In fact, Angola's economy is expected to grow by 8 percent this year, which would make the country one of the top five economic performers worldwide.
But having an economy dependent on oil can have its downsides, the Economist points out. For example, after several years of ever-increasing oil prices, the price of oil rapidly declined in 2008 — dragging Angola's economy down with it.
Despite this volatility, Angola's economy has recently gotten back on track. And thanks to new government initiatives, the Economist reports that the people are starting to see the benefits.
The government plans to build one million homes for shack-dwellers by 2012. Teachers and doctors are being trained, children sent back to school, clinics opened, water-purification plants installed, electricity brought to villages and urban slums. José Eduardo dos Santos, Angola's autocratic yet popular leader for the past 30 years, has even pledged — for the first time — to reduce corruption.
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