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Concept
Economy of the Democratic Republic of the Congo
Summary
The economy of the Democratic Republic of the Congo has declined drastically around the 1980s, despite being home to vast potential in natural resources and mineral wealth; their gross domestic product is $69.474 billion as of 2023.
At the time of its independence in 1960, the Democratic Republic of the Congo was the second most industrialized country in Africa after South Africa. It boasted a thriving mining sector and its agriculture sector was relatively productive. Since then, decades of corruption, war, and political instability have been a severe detriment to further growth, today leaving DRC with a GDP per capita and a HDI rating that rank among the world's lowest and make the DRC one of the most fragile and according to United Nations, least developed countries in the world.
Despite this the DRC is quickly modernizing; it tied with Malaysia for the largest positive change in HDI development in 2016. Government projects include strengthening the health system for maternal and child health, expansion of electricity access, water supply reconstructions, and urban and social rehabilitation programs.
The two recent conflicts (the First and Second Congo Wars), which began in 1996, have dramatically reduced national output and government revenue, have increased external debt, and have resulted in deaths of more than five million people from war, and associated famine and disease. Malnutrition affects approximately two-thirds of the country's population.
Agriculture is the mainstay of the economy, accounting for 57.9% of GDP in 1997. In 1996, agriculture employed 66% of the work force.
Rich in minerals, the Democratic Republic of the Congo has a difficult history of predatory mineral extraction, which has been at the heart of many struggles within the country for many decades, but particularly in the 1990s. The economy of the second largest country in Africa relies heavily on mining. However, much economic activity occurs in the informal sector and is not reflected in GDP data.
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