No claims are made regarding the accuracy of congo, democratic republic of. Democratic republic of congo overview world bank group. Congo, democratic republic the growth rate of the congolese economy fell from 6. Additional information can be found on the democratic republic of the congo and imf country page, including official imf reports and executive board documents in english and french that deal with the democratic republic of the. Investment for democratic republic of the congo from international monetary fund imf for the international financial statistics ifs release. Icaew members, aca students and other entitled users can access a regularly updated report providing assessment of the short, medium and long term outlook for the democratic republic of the congo. Each of our country reports contain indepth and ongoing analysis and forecasts of political, policy and economic conditions in congo democratic republic, to help you understand what is happening now and to gain a picture of how congo democratic republic will look. Democratic republic of congo nkc african economics. At the time of its independence in 1960, the democratic republic of the congo was the second most industrialized country in africa after south africa. Rcf combined with a staffmonitored program until may 2020. In the ac, democratic republic of the congo supports an economy sixtimes larger than todays with only 35% more energy by diversifying its energy mix away from one that is 95% dependent on bioenergy. The republic of the congos economic freedom score is 41. An intriguing account of why america was so interested in congo in the 1940s african democracy. The water, electricity, and urban development project peedu, which aims to improve access to water and electricity in the two largest cities in the republic of congo, achieved the following.
Imf world economic outlook database, 2020 general government gross debt in % of gdp. Poverty has receded in the drc over the last decade on the back of gradual stabilization in the security and political situation, strong economic growth, and sharp decline in inflationary pressures. Congos economic prospects remain largely dependent on the countrys ability to establish political stability and democratic rule. Democratic republic of congo african economic outlook 2009 the international financial crisis increases the relevance of this annual publication jointly published by the african development bank, the oecd development centre and the united nations economic commission for africa uneca. Despite a wealth of fertile soil, hydroelectric power potential, and mineral resources, the. Economy for the latest forecasts on the economic impacts caused by the coronavirus pandemic, please consult the oecd economic outlook interim report coronavirus.
The economic context of the democratic republic of congo. Congo, the democratic republic of the economic studies. The democratic republic of congo drc, or the congo is a nation rich in natural resources, including diamonds, cobalt, and copper. Democratic republic of the congo african economic outlook 2017 the growth rate of the congolese economy fell from 6. The democratic republic of the congos economic freedom score is 49. Democratic republic of the congo energy outlook analysis iea. Browse additional economic indicators and data sets, selected by global finance editors, to learn more about the democratic republic of the congo economic outlook, debt to gdp ratio, international trade performance and population trends. The government will seek to improve the management of the public finances and implement structural reforms, but corruption, bureaucratic inefficiency and evolving policy need as a result of the global coronavirus pandemic will prevent progress. Despite its potential wealth, however, the congos economy has drastically declined since the 1950s.
The economy of the democratic republic of the congo has declined drastically since the mid1980s, despite being home to vast potential in natural resources and mineral wealth. The democratic republic of the congo s economic freedom score is 49. Home countries central africa democratic republic of congo democratic republic of congo economic outlook. It accounts for almost twothirds of global cobalt production. The report includes countryspecific threeyear forecasts for major macroeconomic indicators, including commodity and financial markets. To help the drc strengthen its economy, the imf has just approved a loan under its rapid credit facility rcf combined with a. Congo economic outlook african development bank building.
Democratic republic of the congo investment moodys. Most social indicators also improved during the period. This selected issues paper takes stock of poverty in the democratic republic of the congo drc. The economy of the democratic republic of the congo a nation endowed with vast natural resource wealth continues to perform poorly. The economy shifted into a lower gear in 2019, with gdp expanding 4. Forty years later, on july 10, 1999, drc, along with angola, namibia, zimbabwe, rwanda, and uganda, signed the lusaka ceasefire agreement for a cessation of hostilities between all belligerent forces in the congo.
Congo democratic republic country report the economist. Economic and social situation in the drc dr congo national. Annual cobalt output plunged, while oil production contracted for the better part of the year. The mining industry should continue to attract private investment, which will remain stable 10.
To know the economic context of the democratic republic of congo through the key figures of the economy. To help the drc strengthen its economy, the imf has just approved a loan under its rapid credit facility rcf combined with a staffmonitored program until may 2020. The lockdowns and overall global economic weakness in 2020, from the covid19. Congo s economic prospects remain largely dependent on the countrys ability to establish political stability and democratic rule. The drc also has vast onshore oil reserves which it has yet to exploit. The world economic outlook weo database contains selected macroeconomic data series from the statistical appendix of the world economic outlook report, which presents the imf staffs analysis and projections of economic developments at the global level, in major country groups and in many individual countries.
Production in the allimportant mining sector dived last year, on external headwinds. Global economic prospects examines trends for the world economy and how they affect developing countries. The following is an overview of the key results achieved in the implementation of world bank financed projects. This page has economic forecasts for republic of the congo including a longterm outlook for the next decades, plus mediumterm expectations for the next four quarters and shortterm market predictions for the next release affecting the republic of the congo economy. Democratic republic of the congo international monetary fund. Congo, democratic republic of the overview of economy. Congo, democratic republic african economic outlook.
The average value for democratic republic of the congo during that period was 102. In december 2019, the imf resumed lending to the drc for the first time in seven years. Global finance magazine the democratic republic of the congo. Belgiums king leopold ii claimed congo free state as his personal possession. The largest francophone country in africa, the democratic republic of congo drc, endowed with vast natural resources, has nearly 80 million inhabitants, fewer. For the latest forecasts on the economic impacts caused by the coronavirus pandemic, please consult the oecd economic outlook interim report coronavirus. This page provides forecast and historical data, charts, statistics, news and updates for democratic republic of the congo investment.
Democratic republic of congo the drcs political environment has improved marginally since the election of president tshisekedi. The drc is still recovering from a series of conflicts that broke out in the 1990s. Economic outlook improves, but remains severely challenging we expect growth to remain stable in 2020, supported by resilient growth in ore exports 4. Both have determined the positive results during this period characterized by real gdp growth of 2. The democratic republic of congo also possesses 50 percent of africas forests and a river system that could provide hydroelectric power to the entire continent, according to a united nations report on the countrys strategic significance and its potential role as an economic power in central africa. Democratic republic of the congo economic indicators. Democratic republic of the congo energy outlook iea. The 2019 article iv consultation staff report was discussed by the executive board on august 26, 2019 country report no. Relations congressional research service summary the united states and other donors have focused substantial resources on stabilizing the democratic republic of congo drc since the early 2000s, when africas world wara. Only three infected inmates have been admitted to a. Exporting to democratic republic of the congo icaew.
Democratic republic of congo economic outlook african. A second blow was the resumption of armed conflict in december 1998. The democratic republic of the congo s fragile economy faces many longstanding challenges and remains highly vulnerable to shocks. The publication includes a five year forecast for key indicators, including economic growth and inflation. Embassy kinshasa, democratic republic of the congo. Congo democratic republic congo democratic republic summary. The largest francophone country in africa, the democratic republic of congo drc, endowed with vast natural resources, has nearly 80 million inhabitants, fewer than 40% of whom live in urban areas. The democratic republic of the congos fragile economy faces many longstanding. Democratic republic of the congo is a major producer of minerals. The democratic republic of congo has some of the most fertile land in the world, but for decades the small farming communities surrounding lake kivu in eastern congo have endured cycles of violence and postconflict poverty.
Congo, the democratic republic of the congo, the democratic republic of the population 95. The political situation will remain extremely fragile. The democratic republic of congo s health ministry says that 101 inmates have tested positive for coronavirus in the ndolo military prison. Curated by knoemas data analysts to deliver leading shortterm and longterm indicators and forecasts from trusted sources for each of the covered industries. For further information see box a2 in the april 2004 world economic outlook, box 1. The democratic republic of congos health ministry has confirmed 92 new coronavirus cases in the country, its highest singleday increase since the outbreak began in. The world bank supports the following sectors in the republic of congo. The democratic republic of the congo drc is an artificial entity. Democratic republic of the congo democratic republic of the congo economy. This web page provides information in on the activities of the office, views of the imf staff, and the relations between the democratic republic of the congo and the imf. Democratic republic of the congo terms of trade data. Democratic republic of the congo cumulative investment needs, 20192040. Violence has plagued the democratic republic of congo drc since its emergence from belgian colonial rule in 1960. Economy of the democratic republic of the congo wikipedia.
The world bank is helping to fight poverty and improve living standards for the people of the democratic republic of congo, through education, energy, health and other social services. Relations congressional research service 3 historical background due to its resources, vast territory, and location figure 1, drc has long served as an arena of regional and international competition. Democratic republic of the congo economy britannica. Brief summary of the major developments of the congolese economy since 1960 until 2014. Threats to democratic rule in africa are growing, but time and demography are against the autocrats. For that indicator, the united nations provides data for democratic republic of the congo from 1980 to 2018. Congo democratic republic congo democratic republic. National accounts value added by economic activity, at constant 2005. Topics index democratic republic of congo democratic republic of congo. Though mountains, the white nile, and a series of lakes in the east form a sort of natural boundary, the rest of the congolese territory is ungrounded in any tribal or geographic reality.
Imf world economic outlook database, 2020 gdp per capita usd. Congo, democratic republic of the economy 2020, cia world. A group of children in lubumbashi, democratic republic of congo. Congos economic growth has remained on track despite a still weak domestic environment. The economy of the democratic republic of the congo has declined drastically since the mid1980s, despite being home to vast potential in natural resources. To know the economic context of the democratic republic of congo. Yali alumni meet dr peter pham and the ambassador mike hammer. This page has economic forecasts for congo including a longterm outlook for the next decades, plus mediumterm expectations for the next four quarters and shortterm market predictions for the next release affecting the congo economy. Systemic corruption since independence in 1960, combined with countrywide instability and intermittent conflict that began in the early90s, has reduced national output and government revenue, and increased external debt. Congo, the democratic republic of the economic studies coface. Congo, democratic republic oecd development centre economic growth in the drc in 2011 reached 6.
However, economic progress was badly hurt by slumping oil prices in 1998, which worsened the republic of the congos budget deficit. Between 2012 and 2014, more than 119,000 congolese refugees returned from the republic of congo to the relative stability of northwest drc, but more than 540,000 congolese refugees remained abroad as of yearend 2015. Dr congo economy gdp, inflation, cpi and interest rate. However, economic progress was badly hurt by slumping oil prices in 1998, which worsened the republic of the congo s budget deficit. Republic of the congo economic forecasts 20202022 outlook. Economic development the democratic republic of congo has some of the most fertile land in the world, but for decades the small farming communities surrounding lake kivu in eastern congo have endured cycles of violence and postconflict poverty. Democratic republic of congo economic outlook macroeconomic performance and outlook real gdp growth dropped to 4. We will downgrade our economic outlook for the country. Macroeconomic performance and outlook congos economic growth has remained on track despite a still weak domestic environment. Five takeaways from democratic republic of the congos imf. We were there before the first case of ebola and we will be there long after the last.
Inflation remains contained below the community target at an estimated 1. With 80 million hectares of arable land and over 1,100 listed minerals and precious metals, the drc has the potential to become one of the richest. The democratic republic of the congos fragile economy faces many longstanding challenges and remains highly vulnerable to shocks. To know the level of economic freedom in the democratic republic of. At independence in 1960, the formal economy of congo was based almost entirely on the extraction of minerals, primarily copper and diamonds. No claims are made regarding the accuracy of congo, democratic republic of the economy 2020 information contained here. The eius flagship service examines and explains the important political and economic trends in congo democratic republic. Macroeconomic performance and outlook congo s economic growth has remained on track despite a still weak domestic environment. They coincided with a favorable international environment driven by the rise in the price of copper. The democratic republic of the congo joined the fund in september 28, 1963. Jan 10, 2016 economic recovery efforts between late 1967 and late 1973 have helped boost economic growth.
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