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Article: Kuwait of Africa? (Gabon's economy)
- Article from:
- African Business
- Article date:
- January 1, 1998
- Author:
CopyrightCOPYRIGHT 1998 IC Publications Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Based largely on oil revenues, citizens of this Central African country could enjoy one of the highest per capita incomes in Africa by the year 2000. But, as FRANCOIS MISSER reports from the Gabonese capital Libreville, kinks in the system must be ironed out first.
Gabon, which has lately taken to calling itself the 'Kuwait of Africa is on a roll. A GDP increase of 3.2% in 1996 was 0.8% higher than the best IMF forecast and is expected to rise by 3% in 1997 in real terms. An 18.8% increase in oil prices was largely responsible for this growth. If this trend continues, the Gabonese should enjoy a per capita income of over $5,000 by 2000 - one of the highest in Africa.