In a global environment of low oil prices, the Emerging Gabon Strategic Plan has sought to diversify the economy away from hydrocarbons since 2010. As such, over recent years the government has increased development of the hydropower sector, as well as expanding the country’s large natural gas supplies. Despite the oil crisis, Gabon remains very much dependent on oil revenues. The government...
Energy
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An oil-rich equatorial country in West Africa, Gabon’s abundant natural resources have given it one of the highest per capita incomes on the continent, though lower oil revenues has seen growth contract in recent years.
The drop in the price of oil since mid-2014 has had a significant impact on Saudi Arabia, which relies on the stuff for the vast bulk of state revenues – 73% by some estimates – and for around 40% of its GDP. While global demand remains high, the increasing supply of oil on the international market, much of it coming from Russia, US shale oil and Iran, has continued to push prices down. The...
2016 witnessed the launch of the Kingdom’s historic Vision 2030 and the accompanying National Transformation Programme, both of which call for a major overhaul of the state’s economic apparatus and envision a more open market framework and more dynamic, private sector-led growth moving ahead.
In recent years Morocco has been working to reduce its energy dependency through renewable energy projects and the rollout of an ambitious oil and gas exploration programme. Its energy consumption has increased by 5-6% a year for the past 25 years, and demand is expected to quintuple by 2050. Though it possesses few oil and gas reserves, Morocco boasts strong potential in renewable energies,...
Morocco benefits from its well-developed manufacturing sector, mining industry, agricultural output, proximity to Europe, sizeable diaspora community, low labour costs and market-oriented public policy.