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Equatorial Guinea samples the oil Boom
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EQUATORIAL GUINEA is basking in its new found oil wealth. It is diversifying its economy, modernising its infrastructure and investing in public health and education.
But underneath the increased transparency in financial practices, the government is guilty of serious human rights abuses particularly against children and young people. |
Equatorial Guinea, a tiny country of 28,000 square kilometres located in Western Africa, has a GDP of $25.69 billion and a GDP growth rate of 25.7 per cent. With a population of 540,109, its flourishing economy is based on its main natural resources: petroleum and timber.
Because of this, the country has recently become the target of international attention, including the main world institutions - the World Bank and several United Nations subsidiary bodies. International organisations include - the Organisation for Economic Cooperation and Development (OECD); the European Union (EU); individual state agencies - the US Department of State; and some big corporations and NGOs.
Recent reports have shown the country enjoying a spectacular abundance of oil revenues and consequently has the world's highest GDP growth between 1995 and 2001. Governmental information in 1995, shows Equatorial Guinea to have massive reserves of oil, and shortly thereafter, significant reserves of natural gas were also discovered.
These findings have generated substantial revenue for Equatorial Guinea, revenue which is being invested in increased transparency in its financial practices, and diversifying its economy, modernising its infrastructure, strengthening its public health system, and promoting education to build a strong foundation for the future of the country.
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