DR Congo Economic Outlook
June 21, 2022Economic growth more than tripled in 2021 following a pandemic-induced slowdown. The recovery was driven by Congo’s booming extractive sector as prices for copper and cobalt rose significantly. Services also contributed to the momentum amid reduced Covid-19 restrictions. Higher commodity prices improved the fiscal position and enabled the Central Bank to quadruple its FX reserves. In 2022, growth should be elevated by regional standards. Continued high prices for key export commodities are likely supporting investment and further buoying government coffers. That said, rising food and energy prices could be dampening consumer spending. In June, violence broke out in the east of the country between the allegedly Rwandan-backed M23 group and the Congolese army, leading to subsequent anti-Rwanda protests which ended in looting. Internal security risks will continue to temper business sentiment.
DR Congo Economic GrowthThe economic outlook for 2022 remains relatively favorable. Elevated copper and cobalt prices will support public finances, investment and the external sector. However, inflationary pressures, violence in the east, political unrest and a poor business environment are key downside risks. FocusEconomics panelists see GDP growth at 5.0% in 2022, which is up 0.1 percentage points from last month’s forecast, and 5.5% in 2023.
DR Congo Economy Data
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5 years of DR Congo economic forecasts for more than 30 economic indicators.
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DR Congo Facts
|Exchange Rate||1,687||-0.78 %||Jan 01|
|Stock Market||0.6||0.0 %||Jan 07|
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