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Equatorial Guinea, officially the Republic of Equatorial Guinea, is a country on the west coast of Central Africa, with an area of 28,000 square kilometres (11,000 sq mi). Formerly the colony of Spanish Guinea, its post-independence name refers to its location near both the Equator and in the African region of Guinea. As of 2021, the country had a population of 1,468,777, over 85% of whom are members of the Fang people, the country's dominant ethnic group. The Bubi people, indigenous to Bioko, are the second largest group at approximately 6.5% of the population.
Demographic features of the population of Equatorial Guinea include population density, ethnicity, education level, health of the populace, economic status, religious affiliations and other aspects of the population.
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, one of six Sub-Saharan African nations that managed to do so.
Gabon, officially the Gabonese Republic, is a country on the Atlantic coast of Central Africa, on the equator, bordered by Equatorial Guinea to the northwest, Cameroon to the north, the Republic of the Congo on the east and south, and the Gulf of Guinea to the west. It has an area of 270,000 square kilometres (100,000 sq mi) and a population of 2.3 million. There are coastal plains, mountains, and a savanna in the east. Libreville is the country's capital and the largest city.
Malabo is the capital of Equatorial Guinea and the province of Bioko Norte. It is located on the north coast of the island of Bioko. In 2018, the city had a population of approximately 297,000 inhabitants.
The economy of Papua New Guinea (PNG) is largely underdeveloped with the vast majority of the population living below the poverty line. However, according to the Asian Development Bank its GDP is expected to grow 3.4% in 2022 and 4.6% in 2023. It is dominated by the agricultural, forestry, and fishing sector and the minerals and energy extraction sector. The agricultural, forestry, and fishing sector accounts for most of the labour force of PNG while the minerals and energy extraction sector, including gold, copper, oil and natural gas is responsible for most of the export earnings.
A developing country is a sovereign state with a less developed industrial base and a lower Human Development Index (HDI) relative to other countries. However, this definition is not universally agreed upon. There is also no clear agreement on which countries fit this category. The terms low and middle-income country (LMIC) and newly emerging economy (NEE) are often used interchangeably but refers only to the economy of the countries. The World Bank classifies the world's economies into four groups, based on gross national income per capita: high, upper-middle, lower-middle, and low income countries. Least developed countries, landlocked developing countries and small island developing states are all sub-groupings of developing countries. Countries on the other end of the spectrum are usually referred to as high-income countries or developed countries.
In economics, Dutch disease is the apparent causal relationship between the increase in the economic development of a specific sector and a decline in other sectors.
Teodoro Obiang Nguema Mbasogo is an Equatoguinean politician and former military officer who has served as the second president of Equatorial Guinea since 3 August 1979. As of 2024, he is the second-longest consecutively serving current non-royal national leader in the world.
Central Africa is a subregion of the African continent comprising various countries according to different definitions. Middle Africa is an analogous term used by the United Nations in its geoscheme for Africa and consists of the following countries: Angola, Burundi, Cameroon, Central African Republic, Chad, Democratic Republic of the Congo, Republic of the Congo, Equatorial Guinea, Gabon, Rwanda, and São Tomé and Príncipe. These eleven countries are members of the Economic Community of Central African States (ECCAS). Six of those countries are also members of the Economic and Monetary Community of Central Africa (CEMAC) and share a common currency, the Central African CFA franc.
Petroleum politics have been an increasingly important aspect of diplomacy since the rise of the petroleum industry in the Middle East in the early 20th century. As competition continues for a vital resource, the strategic calculations of major and minor countries alike place prominent emphasis on the pumping, refining, transport, sale and use of petroleum products.
The resource curse, also known as the paradox of plenty or the poverty paradox, is the phenomenon of countries with an abundance of natural resources having less economic growth, less democracy, or worse development outcomes than countries with fewer natural resources. There are many theories and much academic debate about the reasons for and exceptions to the adverse outcomes. Most experts believe the resource curse is not universal or inevitable but affects certain types of countries or regions under certain conditions.
The Latin American debt crisis was a financial crisis that originated in the early 1980s, often known as La Década Perdida, when Latin American countries reached a point where their foreign debt exceeded their earning power, and they could not repay it.
"La Década Perdida" of Latin America is a Spanish term used to describe the economic crisis suffered in Latin America during the 1980s, which continued for some countries into the 1990s. In general, the crisis was composed of unpayable external debts, taxes, and volatile inflation and exchange rates, which in the majority of the countries in the region were fixed.
The price of oil, or the oil price, generally refers to the spot price of a barrel of benchmark crude oil—a reference price for buyers and sellers of crude oil such as West Texas Intermediate (WTI), Brent Crude, Dubai Crude, OPEC Reference Basket, Tapis crude, Bonny Light, Urals oil, Isthmus, and Western Canadian Select (WCS). Oil prices are determined by global supply and demand, rather than any country's domestic production level.
The following outline is provided as an overview and topical guide to Gabon :
Africa has a large quantity of natural resources, including diamonds, sugar, salt, gold, iron, cobalt, uranium, copper, bauxite, silver, petroleum, and cocoa beans, but also tropical timber and tropical fruit.
The 1970s energy crisis occurred when the Western world, particularly the United States, Canada, Western Europe, Australia, and New Zealand, faced substantial petroleum shortages as well as elevated prices. The two worst crises of this period were the 1973 oil crisis and the 1979 energy crisis, when, respectively, the Yom Kippur War and the Iranian Revolution triggered interruptions in Middle Eastern oil exports.
A petrostate or oil state is a country whose economy is heavily dependent on the extraction and export of oil or natural gas. The presence alone of large oil and gas industries does not define a petrostate: major oil producers that also have diversified economies are not classified as petrostates due to their ability to generate income from various industries and sectors beyond the oil industry. Petrostates also have highly concentrated political and economic power, resting in the hands of an elite, as well as unaccountable political institutions which are susceptible to corruption.
Political corruption in Equatorial Guinea is high by world standards and considered among the worst of any country on earth. It has been described as "an almost perfect kleptocracy" in which the scale of systemic corruption and the rulers' indifference towards the people's welfare place it at the bottom of every major governance indicator or ranking, below nations with similar per capita GDPs.
References
- 1 2 Toto Same, Achille (2008). Mineral-rich countries and Dutch disease: Understanding the macroeconomic implications of windfalls and the development prospects the case of Equatorial Guinea. World Bank Publications. p. 31.
- ↑ Zafar, Ali (2004). What happens when a country does not adjust to terms of trade shocks?: the case of oil-rich Gabon. World Bank Publications. p. 9. ISBN 978-1-00-716495-7.
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