BRAZZAVILLE (Reuters) – Congo Republic will return to economic growth in 2022 with full-year GDP forecast to rise by 2.6% after two years of recession, President Denis Sassou Nguesso said on Monday.
The Central African oil exporting country’s economy shrank by 1.5% in 2021 and by 6.2% in 2020, he said, attributing the recession to the effects of the coronavirus pandemic and a fall in oil prices.
“Congo is finding its way back to macroeconomic balance after several years of hard work and sacrifices,” Sassou Nguesso said.
“The national economy is gradually recovering, which translates to a growth rate of 2.6% in 2022,” he told lawmakers.
He said the government was implementing reforms to help support growth, including revising an investment charter and simplifying taxes.
Congo Republic has a three-year loan deal with the International Monetary Fund (IMF) which was approved in January 2022. The IMF’s latest update in June said economic recovery was gaining momentum but remained fragile due to ripple effects of the war in Ukraine.
(Reporting by Christian Elion; Writing by Nellie Peyton; Editing by Estelle Shirbon)
