Gabon A Country Of Crisis Essay - 764 Words

Gabon – A Country in Crisis Cameron Rozier APHG 6th period 10/2/16 Gabon is located in central Africa, bordering the Atlantic Ocean at the equator, between Republic of the Congo and Equatorial Guinea. It is an oil-producing state, with oil accounting for most of its exports and GDP production. Gabon has been growing recently but declines in the rate of increase is showing that it is late in its life of oil production. Like many oil-producing countries, Gabon is going through a boom-bust cycle and is nearing its bust stages. Gabon’s dependency on oil for its economic commerce will lead to a financial struggle in the upcoming years. Gabon has a GDP per capita four times that of most sub-Saharan African countries, but because of high-income inequality. A very large portion of the population is poor. Gabon relied on timber and manganese exports until oil was discovered offshore in the early 1970’s. From 2010 to 2014, oil was approximately 80% of Gabon’s exports, 40% of its GDP, and 60% of its state budget revenues. Gabon faces fluctuating prices for its oil, timber, and manganese exports. A rebound in oil prices from 2001 to 2013 helped growth, but declining production, as some fields passed their peak production, has hampered Gabon from fully realizing potential gains. GDP grew nearly 6% per year over the 2010-14 period but slowed significantly in 2015 as oil prices declined. Low oil prices also weakened government revenue and negatively affected the trade and currentShow MoreRelatedBrazil: Environmental Problems and Solutions.2094 Words   |  9 PagesIntroduction The South American country of Brazil is well-known for its biodiversity and wealth of natural resources. The Amazon River and rainforest are located in Brazil, a country with more than 800,000 square miles of coastline, and a landmass so large that its borders touch all but two of its neighboring countries (Rich, 1999). 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