IMF Projects Substantial Wealth Growth for DRC by 2029
The International Monetary Fund (IMF) forecasts a significant increase in wealth creation in the Democratic Republic of Congo (DRC) by 2029, projecting it to reach 372,325.2 billion Congolese Francs (CDF). These projections are detailed in the IMF’s latest report, “Economic Outlook for Sub-Saharan Africa, October 2024.”
The IMF has revised its forecasts upward from previous estimates, with projections of 300,000 billion CDF in 2023 and 357,789 billion CDF in April 2024.
This suggests an optimistic growth trajectory for the Congolese economy. However, the institution has downgraded the nominal dollar value of this wealth creation, now estimated at $100.5 billion, compared to the previously projected $122.5 billion.
This adjustment indicates an expected devaluation of the Congolese franc, with an exchange rate anticipated to be 3,705 CDF per dollar in 2029, up from 2,921 CDF in the earlier assessment.
Additionally, the GDP in purchasing power parity (PPP), which accounts for the cost of living in the DRC, is now projected to rise to $266.6 billion by 2029, reflecting economic resilience despite ongoing challenges.
The average investment rate, crucial for this growth, is estimated at 15.6% of GDP for the period from 2023 to 2029. Furthermore, with inflation expected to reach 6.9% by then, Congolese households may experience greater benefits from this economic growth.
Experts urge countries to focus on structuring projects aimed at revitalizing the economic framework, albeit fragile, in the face of multiple economic challenges.
