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Democratic Republic of Congo

The DRC still bears the brunt of widespread conflict, rampant corruption, a weak regulatory environment, and an over-reliance on mining; hence, the DRC struggles to capitalise on its vast natural resources. The economic impact caused by the Covid-19 pandemic has been marked, albeit softer than anticipated due to stronger-than-expected mining production during the lockdown period.

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The mining sector maintained its upward momentum in the early stages of H2 2020; consequently, copper production reached 1,319,622 tonnes (+12.5% y-o-y) in the first 10 months of 2020, while cobalt production rose to 71,694 tonnes (+10.2% y-o-y). That said, supply chain disruptions, weak global demand, and fairly subdued commodity prices are set to undercut these gains. As a result, we forecast the economy to contract by 3.1% in 2020. (Source: DRC Quarterly Update, published December 2020.)

Macroeconomic Data

(2019)

Fiscal Balance (as a % of GDP)

-2.2

Consumer Price Index (% change y-o-y, avg)

4.5

Current Account Balance (as a % of GDP)

-3.6

Real GDP (annual % change)

4.4

GDP per Capita, US$

544.9

Import Cover (months)

0.5

Population, million

86.8

Total External Debt (as a % of GDP)

11.5

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