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IMF says Congo economy set to grow 9.2 pct in 2015
Visitors are silhouetted against the logo of the International Monetary Fund at the main venue for the IMF and World Bank annual meeting in Tokyo, October 10, 2012. PHOTO BY REUTERS/Kim Kyung-Hoon
04/06/2015
KINSHASA (Reuters) - Democratic Republic of Congo's economy is set to expand 9.2 percent this year, one of the fastest growth rates in the world, the International Monetary Fund (IMF) said on Wednesday, revising a previous estimate of 9.1 percent.
Mining of copper, gold and other minerals is the main driver of growth and the medium-term outlook is promising with low inflation and expansion in the services sector, the IMF said at the end of a two-week mission to the country.
Congo extracted more than 1 million tonnes of copper for the first time in 2014 and is vying with Zambia to be Africa's top producer. The government says the economy grew at 9.5 percent in 2014 and expects 10.3 percent growth in 2015.
The IMF said it was concerned about the "wait-and-see attitude" of the private sector ahead of local, regional and national elections set to begin in October and culminate in presidential and legislative votes in November 2016.
Ratings agency Moody's said on Tuesday Congo's economy would average the second fastest growth in the world across 2015 and 2016 at 10 percent.
Despite strong growth in recent years, Congo ranked 186 out of 187 countries in the 2014 U.N. Human Development Index, largely due to corruption and conflict in the east.
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