How do we avoid becoming an Angola?
Dear Editor, I have read the following in the Economist and I am worried; “Angola is a country where oil makes up over 95 per cent of exports. Oil should bring widespread prosperity to Angola, but it does not. Brainy Angolans flock to the oilfields rather than to the civil service or health care. Floods of foreign capital raise the value of the currency, making non-oil industries uncompetitive. Angola suffers from a “resource curse “, in which plentiful natural resources lead to worse economic growth.” How do we avoid becoming an Angola? Yours faithfully, Ian McDonald