Unfortunately, the overall fiscal balance for 2022 is expected to have deteriorated due to arrears payments and increased spending on security in the eastern region. However, the central bank reported more gross international reserves than initially projected. Preliminary data indicates that the country’s current account deficit has widened due to increased import growth and unfavorable terms of trade. The IMF warned of further uncertainty due to the upcoming general elections in December, the ongoing conflict in Ukraine, and adverse terms-of-trade shocks. However, the country has also seen a rise in inflation, with rates reaching 13.1 percent at the end of 2022. This has more than made up for a downward revision in non-extractive growth, which now stands at 3.2 percent, down from 3.9 percent. This conflict has been going on for decades and has been exacerbated by various militias vying for control over the country’s mineral-rich provinces.ĭespite the potential risks, the IMF noted that mining production has been strong, growing at around 20 percent. However, the organization cautioned that there are risks associated with the ongoing armed conflict in the country’s eastern region. (Read: How Africa Can Reset Relationship With the IMF)Īfter a week-long staff visit to Kinshasa, the IMF projected that the country’s growth would reach 8% this year. ![]() The IMF’s previous report from December had predicted a GDP growth of 6.6 percent for 2022, but the latest report states that early data indicate much more substantial real GDP growth than initially anticipated. The International Monetary Fund (IMF), has increased the GDP growth of the Democratic Republic of Congo to 8.5 percent in 2022 due to a boost in production within the mining sector.
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