Republic of Congo: Staff Report for the 2012 Article IV Consultation

October 12, 2012

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Republic of Congo: Staff Report for the 2012 Article IV Consultation, (USA: International Monetary Fund, 2012) accessed November 21, 2024

Also available in: français

Summary

The key issue facing Congo is how to use oil and mineral resources effectively in support of inclusive growth. Economic conditions are supportive--macroeconomic stability is in place, the terms of trade are favorable, and the external position is strong. External risks are mitigated by membership in CEMAC, under which all members benefit from the French convertibility guarantee, and large fiscal buffers. Yet, growth has not been inclusive. Over half of the population lives in poverty and a labor skills mismatch results in high unemployment and underemployment, especially among youth. The difficult business climate holds back diversification. On March 4, 2012 a munitions depot exploded in Brazzaville causing death and destruction; near-term policies focus on reconstruction and addressing the humanitarian crisis.

Subject: Capital spending, Current spending, Expenditure, Labor, Oil prices, Prices

Keywords: Africa, Article IV report, Basic non-oil primary deficit, Budget, Budget envelope, Business climate, Capital spending, CR, Current spending, Economy, Europe, Global, ISCR, Oil prices, Report, Revenue collection, Surplus

Publication Details

Pages:

59
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2012/283
Stock No:

1COGEA2012003
ISBN:

9781475512830
ISSN:

1934-7685

Notes

Also available in French

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