The IMF mission "focused on policies that would lead to diversifying the economy and tackling high levels of poverty and unemployment in the context of a rapidly expanding population," according to the report.ĭiversification and transformation of the nation's economy is also the theme of the sixth French Kinshasa week organised by the Franco-Congolese Chamber of Commerce and Industry. In another sign of the DR Congo's heavy reliance on mining and metals exports, that deceleration comes amid growth more than doubling in the rest of the economy thanks to public investment and post-election optimism.Įither way, the DR Congo's GDP is tiny for the size of the country and its population.Īt less than $40 billion for 81 million inhabitants in 2017, according to World Bank figures, that translates into less than $2 per day per person on average. "GDP growth is projected to decelerate to 4.3 percent in 2019 based on the assumption of a slowdown in mining activity in the context of lower cobalt prices," it added. driven by a sharp increase in cobalt prices," the International Monetary Fund said earlier this month in a report of DR Congo's economy. "GDP growth increased to 5.8 percent from 3.7 percent in 2017. The DR Congo is the world's top producer of cobalt, a key component for rechargeable batteries needed for smartphones and electric cars.īut economic growth in Sub-Saharan Africa's largest country is on the same roller coaster as the global cobalt price. The Democratic Republic of Congo's new leadership is under mounting pressure to diversify the country's economy from its dependence on raw materials following the plunge in the price of cobalt.Įconomic experts currently visiting the country have a sobering figure on which to base their work: over the past year the price of cobalt on the London Metal Exchange has tumbled from $80,000 to $28,000.
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