In this year 2024, the Democratic Republic of Congo is at a crucial economic turning point, according to recent statistics from the country’s Central Bank, the BCC. Indeed, Madam Governor of the Issuing Institute presented in detail the forecasts for the current year during the Council of Ministers held on October 11.
At the heart of these forecasts, a growth rate estimated at 5.3% for the current year. This ambitious projection is mainly based on the performance of the extractive sector, which continues to play a driving role in the Congolese economy despite an uncertain global context.
Furthermore, the evolution of inflation offers a contrasting picture. While weekly inflation has seen a slight increase, reaching 0.11% against 0.10% the previous week, annual inflation shows a sharp decline, from 18.23% in 2023 to 9.99% this year. This downward trend reflects the efforts made to control price stability.
Regarding exchange rates, the national currency, the Congolese Franc (CDF), remains relatively stable against the US dollar, standing at CDF 2,851.68 for the indicative rate and CDF 2,866.91 for the parallel rate. The slight weekly depreciations of 0.2% and 0.1% highlight the need to closely monitor these fluctuations.
Transforming the Congolese economy to make it a strong, sustainable and inclusive growth engine remains at the heart of the BCC’s concerns, as highlighted by Ms. Malangu Kabedi-Mbuyi. Restrictive cyclical policies combined with effective coordination support this growth vision.
Despite these encouraging forecasts, the BCC remains vigilant in the face of external risks that could impact the Congolese economy, including geopolitical tensions in the Middle East and the ongoing conflict in Ukraine. These external factors could disrupt supply chains and increase inflationary pressures, requiring prudent management and rapid adaptation to changes in the international context.
In conclusion, the current economic dynamics in the Democratic Republic of Congo suggest promising prospects for 2024. The implementation of appropriate structural reforms, combined with rigorous management of future challenges, will help strengthen the resilience of the Congolese economy and put the country on a path to sustainable and balanced growth.