Congo averts recession in 2020 thanks to mining sector strength
GOMA, Democratic Republic of Congo – Democratic Republic of Congo's economy averted an expected pandemic-induced recession in 2020 to grow 0.8% on the back of strong mining activity, a central bank official said on Tuesday.
Growth is expected to rise to 3.2% this year, the official, Plante Kibadhi, said in a tweet.
The International Monetary Fund projected last April that Congo's economy would contract by 2.2% in 2020 because of a fall in prices for key exports like copper and the impact of the coronavirus pandemic.
The price of copper, of which Congo is Africa's biggest producer, has rallied by 93% since last March. It briefly touched its highest point since 2012 on Tuesday, driven by optimism over Chinese demand and the global economic recovery.
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