Congo-World Bank-Economy

Congo: World Bank urges economic reforms

APA-Brazzaville (Congo) by correspondent Leon Charles Moukouri

The World Bank representative in Brazzaville, Korotoumou Ouattara, has urged the Congolese government to engage in reforms over the next three years in order to pull the country out of its economic fragility.

“In order to get the country out of this fragile economic situation, the Congolese government must engage in a coherent and coordinated set of reforms over the next three years,” she declared, stressing that “changing course requires moving away from the unsustainable oil-based economic model, for which prices are very volatile.”

Ms. Ouattara was speaking Wednesday evening in Brazzaville during the publication of the World Bank’s report on the economic situation in Congo.

This report entitled: “Congo’s economic situation - changing course and avoiding drift” presents a Congolese economy that is more affected and continues to suffer from recession in the Economic Community of Central African States (CEMAC) zone, with a debt ratio of nearly 117 percent of GDP.

Speaking at the presentation of the document, Samba Bâ, senior economist at the World Bank said “the Congolese economy will be able to grow its GDP by an estimated 2 percent in 2018, but this should accelerate to 3.7 percent in 2019.”

However, the country could fall back into recession in 2020 because of its fragile growth, he added.

The chief of staff at Congo’s Ministry of Economy, Raymond Dirat noted that the report “exposes the strengths and weaknesses of the Congolese economy,” and promised that the government would act on it.

                                                                          


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