The Democratic Republic of Congo (DRC) posted a growth rate of 7.7%, according to the latest outlook for the world economy. This growth rate testifies to the perpetual quest for economic policies, because growth is essential to face many economic and social problems. The unemployment rate is a major problem in the DRC, and economic growth can play a key role in reducing unemployment. Indeed, according to Okun’s law, unemployment decreases beyond a certain threshold of GDP growth.
However, it is not easy to take stock of the situation in the DRC, because no one knows the real unemployment rate of the population. In addition, the DRC’s growth model is still too little diversified, and the effects to reduce dependence on extractive industries are limited. Investment levels in the DRC are also below other comparable countries in sub-Saharan Africa.
According to the World Bank, improving the business climate could mobilize foreign investment to reverse this trend. The dynamism of the DRC is not yet sufficiently driven by the whole economy, because the “non-extractive” GDP is in poor shape according to the IMF. Economic growth should focus more on the real economy for people to improve their quality of life.
In conclusion, economic development is essential for the DRC, and the country must diversify its economy and mobilize more foreign investment. Economic growth must benefit the entire population if the quality of life is to really improve. The Congolese authorities have already defined new priorities to reduce dependence on extractive industries, in particular through the development of agriculture and the establishment of special economic zones. This could help diversify the economy and foster job creation for Congolese