Equatorial Guinea facts of the day

 [[{“value”:”After the discovery of oil in the mid-1990s, per capita income soared and catapulted the country into the club of high income countries (it peaked at over $35,000). Meanwhile, living standards stagnated at deplorable levels — from education attainment, to infant mortality rates, to poverty rates, and more. Primary school enrollment has declined since peaking in
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After the discovery of oil in the mid-1990s, per capita income soared and catapulted the country into the club of high income countries (it peaked at over $35,000). Meanwhile, living standards stagnated at deplorable levels — from education attainment, to infant mortality rates, to poverty rates, and more. Primary school enrollment has declined since peaking in the early 2000s. Life expectancy is 15 years lower than in countries of comparable per capita income (presently at round $7500). Poverty rates exceed 70%.

To compound matters, the country’s oil output is in decline. Current oil production (around 52k barrels per day) is a mere 13% of peak production in the mid 2000s. As a result of decades-long neglect of the non-oil sector, overall economic output is declining in tandem with declining oil production.

Here is more from Ken Opalo, the piece is instructive throughout.

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 Current Affairs, Uncategorized