Publication:
Congo Economic Update, Third Edition, September 2016: Adjusting for Better Social and Economic Development in an Era of Low Oil Prices

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dc.contributor.authorWorld Bank
dc.date.accessioned2017-08-16T21:43:44Z
dc.date.available2017-08-16T21:43:44Z
dc.date.issued2016-09
dc.description.abstractThe decline in international oil prices over the past two years has resulted into an economic crisis in the Republic of Congo that could forestall the transformation efforts to move the country towards higher middle income status. A key strategy that government has pursued in recent years has been to adjust the fiscal policy to provide more resources for capital development in line with the National Development Plans. This strategy is expected to be continued into the medium term in order to address the binding constraints on growth, most notably the country’s huge infrastructure deficit. However, the intention to increase the level of capital investment has neither been matched by similar ones to raise investments in human capital development nor with effort to make public spending more efficient and effective. This third Edition of the Congo Economic Update discusses the importance of undertaking fiscal adjustments to accommodate the new reality of lower oil revenues and to shift into a more balanced and inclusive development strategy. This edition argues that the current fiscal crisis in Congo resulting from the decline in global oil prices will make it difficult for the country to sustain fast growth unless the country adopts more prudent fiscal management and a balanced approach that builds both physical capital and achieves significant improvements to human capital. Therefore, a deliberate effort has to be made to ensure that the fiscal adjustments do not result in major decreases to the level of expenditure on health and education. In addition, the government must implement measures to improve the level of efficiency and effectiveness of spending in these sectors.en
dc.identifierhttp://documents.worldbank.org/curated/en/696911496916361336/Adjusting-for-better-social-and-economic-development-in-an-era-of-low-oil-prices
dc.identifier.doi10.1596/27904
dc.identifier.urihttps://hdl.handle.net/10986/27904
dc.languageEnglish
dc.language.isoen_US
dc.publisherWorld Bank, Washington, DC
dc.rightsCC BY 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo
dc.subjectOIL
dc.subjectFISCAL
dc.subjectECONOMIC DEVELOPMENT
dc.subjectHEALTH
dc.subjectFINANCE
dc.subjectSOIL
dc.titleCongo Economic Update, Third Edition, September 2016en
dc.title.subtitleAdjusting for Better Social and Economic Development in an Era of Low Oil Pricesen
dc.typeReporten
dc.typeRapportfr
dc.typeInformees
dspace.entity.typePublication
okr.crossref.titleCongo Economic Update, Third Edition, September 2016
okr.date.disclosure2017-06-08
okr.doctypeEconomic & Sector Work::Economic Updates and Modeling
okr.doctypeEconomic & Sector Work
okr.docurlhttp://documents.worldbank.org/curated/en/696911496916361336/Adjusting-for-better-social-and-economic-development-in-an-era-of-low-oil-prices
okr.guid696911496916361336
okr.guid342641496916848921
okr.identifier.doi10.1596/27904
okr.identifier.externaldocumentum090224b084c60650_1_0
okr.identifier.internaldocumentum27563830
okr.identifier.report115780
okr.importedtrue
okr.language.supporteden
okr.pdfurlhttp://documents.worldbank.org/curated/en/696911496916361336/pdf/115780-WP-P156800-PUBLIC-Congo-Economic-Update-3rd-Edition-English-final-email-version.pdfen
okr.region.administrativeAfrica
okr.region.countryCongo, Republic of
okr.themeEconomic management :: Analysis of economic growth
okr.topicEducation::Education For All
okr.topicEnergy::Oil & Gas
okr.topicHealth, Nutrition and Population::Health and Poverty
okr.topicMacroeconomics and Economic Growth::Economic Forecasting
okr.topicMacroeconomics and Economic Growth::Economic Growth
okr.topicMacroeconomics and Economic Growth::Economic Policy, Institutions and Governance
okr.topicMacroeconomics and Economic Growth::Fiscal & Monetary Policy
okr.unitGMF - West and Central Africa (GMF01)
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