Analysis by Region - Emerging Markets - Congo Republic
Despite high oil prices in 2022, growth was a disappointing 1.7%. In 2023, Congo's economy expanded by 3.6%, propelled by increased oil production and growth in the non-oil sector. While oil prices have risen this year, we anticipate a decline in the second half of 2024 as Opec+ cuts end. Concurrently, we project a 3.1% reduction in Congo's oil production in 2024, decreasing to 262,470 bpd from 270,900 bpd in 2023. On the upside, strong demand for electric vehicles and renewable energy in China has been a major driver of copper demand, a trend we anticipate will persist. This is a boon for copper prices, which are, in turn, expected to bolster economic growth and the current account.
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