The World Bank revised upwards its growth estimate for oil producing Angola's economy and praised the nation's government for its efforts to increase transparency in one of the world's most corrupt nations, Reuters reported. World Bank director for Angola Eleoterio Codato said on Thursday he expected Angola's economy to grow 8.5 percent in 2010, up from a previous estimate of 7.5 percent, and register "solid growth" in the next few years on higher oil prices. His estimates are in line with the government, which has been carrying out measures to increase transparency and diversify the economy by jump starting a farming sector devastated by a three-decade long civil war that ended in 2002. "We believe Angola's economy will continue to grow at this rate in the next few years," said Codato. "The government reforms are very good and will sustain growth in the future." Once a major food exporter, Angola now imports almost all of the food it consumes. Rising food prices helped bolster annual inflation to 13.85 percent in May from 13.73 percent the previous month, raising concern among some analysts. "Inflation is always a cause of concern in an economy that is growing very fast," said Codato. "We must be careful and control inflation because it weakens purchasing power." Angola's government expects average annual inflation to fall to 13 percent this year.
