DR Congo, the sleeping giant awakens

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Kinshasa – Picture courtesy

The Democratic Republic of Congo is famous for the ongoing violence within its borders and worrying politics, however according to the World Bank Congo’s economic growth is well above average in sub-Saharan Africa with an economic growth of 8 percent expected this year, making the country one of the fastest growing economies in the world reports Africa Renewal.

DRC’s vast and varied mineral resources present a huge development potential. The Great Lake region county is a major supplier of cobalt, copper, diamonds, coltan and tin to the global market. It has 47 per cent of world’s cobalt reserves.

An increase in private and public investments in DRC’s economy will help it in overcoming the weakening global economic growth and the decline in demand and prices for minerals according to the World Bank. Most of the investment is going into infrastructure development, although the World Investment Report of 2016 says that DRC direct investment has decreased to 1.7 billion dollars in 2015 from 2.07 billion.

Congo’s Capital Kinshasa and its major cities are experiencing growth with improved road infrastructure, multiple building sites and towering cranes.

Congo boosts of  tremendous natural resources, an abundance of arable land, water and growing food demand; a youthful fast-growing population; an increasingly educated and middle-class population; expanding export markets, trading partners and donors; an improving governance and business environment; increasing focus on infrastructure development; and competitively high returns on investment reports Africa renewal.

Poverty rate fell from 71 percent in 2005 to 63 percent in 2012, however the economic growth is yet to trickle down to it citizens.

DRC’s economy prospects remain positive even as global mineral market fail to recover soon, declining public and private investments, the possibility of increasing conflict in the country, political instability and economic hardships that mostly get news attention.