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The economy of Equatorial Guinea has traditionally been dependent on commodities such as cocoa and coffee, but is now heavily dependent on petroleum due to the discovery and exploitation of significant oil reserves in the 1980s. In 2017, it graduated from "Least Developed Country" status, the only Sub-Saharan African nation that managed to do so besides Botswana. However, despite the economic growth and improving infrastructure, the country has been ranked only 138th out of 188 countries on the United Nations Human Development Index in 2015 and despite its impressive GNI figure, it is still plagued by extreme poverty because its Gini coefficient of 65.0 is the highest in the entire world. After the oil price collapsed in 2014, the economy went into a free fall which put growth in a downward spiral from around 15% to −10%.
02 Aug 2024
16 Aug 2024
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