The Democratic Republic of Congo (DRC) has experienced a strong economic resurgence, firmly shaking off the shackles of the Covid-19 pandemic that led to a significant slowdown in its real GDP. The year 2022 saw the nation's economy soar by an impressive 8.5%, a substantial increase from the 6.2% growth registered in 2021.Experts and analysts have pointed towards several key factors that have contributed to this remarkable economic rebound. The extractive sector, a cornerstone of the DRC's economy, is set to be a pivotal driver of growth. According to projections by the African Development Bank (Af DB), this sector is poised to expand by at least 12% between 2023 and 2024. This surge is anticipated to play a substantial role in boosting the nation's overall economic performance.The Af DB's forecasts for the upcoming years also paint an optimistic picture of the DRC's economic trajectory. The bank predicts a sustained growth rate of at least 8% in real GDP for 2023, followed by a slightly moderated yet robust growth of 7.2% in 2024. These predictions underline the resilience of the DRC's economy and its ability to capitalise on its resource-rich sectors.One of the potential catalysts for even further economic expansion is the priority investment being made through the agricultural transformation programme. Analysts from the Af DB have highlighted the promising outcomes that could arise from strategic investments in this sector. By harnessing the agricultural potential of the nation, the DRC stands to achieve even greater levels of economic growth and diversification.Similar to many African countries, however, the DRC finds itself ensnared in a cycle of low ratings. Despite Moody's Investor Service having upgraded the DRC's long-term local and foreign currency ratings in November last year, transitioning it from a classification of "very high credit risk" to "high credit risk", the nation continues to grapple with this challenge.Overall the outlook for the country is extremely positive thanks to its abundance of critical minerals. According to the International Monetary Fund, mining yields in the DRC increased by 20% in 2022, indicating that the country’s growth remained one of the highest in the region even though it faced significant challenges, including ongoing conf lict in the east of the country.Decades of war, poor governance and underinvestment continue to impact the DRC, which has one of the largest infrastructure gaps in the world.
