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São Tomé and Príncipe, officially the Democratic Republic of São Tomé and Príncipe, is a Portuguese-speaking island country in the Gulf of Guinea, off the western equatorial coast of Central Africa. It consists of two archipelagos around the two main islands of São Tomé and Príncipe, about 150 km (93.21 mi) apart and about 250 and 225 km (155 and 140 mi) off the north-western coast of Gabon. With a population of 201,800 (2018 official estimate), São Tomé and Príncipe is the second-smallest and second-least populous African sovereign state after Seychelles.
The islands were uninhabited until their discovery by Portuguese explorers in the 15th century. Gradually colonized and settled throughout the 16th century, they collectively served as a vital commercial and trade centre for the Atlantic slave trade. The rich volcanic soil and proximity to the equator made São Tomé and Príncipe ideal for sugar cultivation, followed later by cash crops such as coffee and cocoa; the lucrative plantation economy was heavily dependent upon African slaves. Cycles of social unrest and economic instability throughout the 19th and 20th centuries culminated in peaceful independence in 1975. São Tomé and Príncipe has since remained one of Africa’s most stable and democratic countries.
In the past few years, the economy of São Tomé and Príncipe has grown, driven by agriculture, tourism and foreign investments, but mainly grew due to government spending driven by foreign loans. Gross domestic product (GDP) grew at an average rate of 5.5% between 2009 and 2017, but has slowed since 2014. The slowdown in economic growth was caused by lower government spending due to decreased foreign loans and decreased revenue government tax. The biggest challenges for the economy of São Tomé and Príncipe are limited workforce, the fact that São Tomé and Príncipe is an archipelago, a small domestic market, climatic fluctuations, global warming, scarce diplomatic resources and poverty. For long-term economic growth, the government is trying to stimulate various sectors of the economy, diversify the economy, cut government spending and encourage private sector and foreign investment.
[caption id="attachment_168744" align="aligncenter" width="485"] Portrait of George Washington by Gilbert Stuart[/caption][responsivevoice_button voice="UK English Female" buttontext="Listen to this Post"]George Washington was an American politician and soldier who served as the first President of t...