IMF Gives ‘Promising’ Economic Outlook for DRC

Posted June 25th, 2012 at 4:50 pm (UTC-5)
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The International Monetary Fund is giving what it calls a “promising” economic outlook for the Democratic Republic of Congo.

The head of a just-completed IMF mission to Congo, Robert York, projected Monday that the country's economy will expand 7 percent this year, with inflation in the single digits. He also predicted a drop in the nation's budget deficit.

In a written statement Monday, York said the DRC economy has been shielded from the European economic crisis largely because of its low-level of participation in the world economy. But he warned that staying on the sidelines could be a significant constraint on Congolese development and its ability to attract investors.

He also recommended reforms in the Congolese mining industry to make it more transparent

Despite a growing economy, most of the DRC population lives in poverty.