Angola is rich in natural wealth, with massive petroleum and diamond deposits across its territory. Most of its people, however, continue to live in poverty. Since its independence in 1975, Angola has had a tumultuous journey: from being a war zone, to becoming a poster child for Chinese engagement in the continent, and since 2015, declining to its current state where the challenges are so massive negative growth rates, high external debt, rising poverty and inequality, and lack of basic health and education facilities that there is no immediate recovery in sight. This brief makes an account of Angola’s contemporary history, analyses the broad economic patterns that the country has witnessed over the past four decades, and outlines the imperatives for policymakers.