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The Democratic Republic of Congo is poised to overtake Ethiopia to become sub-Saharan Africa\u2019s fifth-largest economy this year, the International Monetary Fund said, buoyed by a mining boom and a strengthening currency.<\/p>\n
The fund estimates Congo\u2019s gross domestic product will be $123 billion in 2026, higher than Ethiopia\u2019s $122 billion. South Africa will retain top spot, followed by Nigeria, Angola, and Kenya.<\/p>\n
Congo last week raised $1.25 billion from its first sale of dollar bonds, taking advantage of a ceasefire in the war between the US and Iran that\u2019s shaken markets.<\/p>\n
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The nation is leveraging its vast mineral wealth to deepen ties with global investors, positioning itself as a key beneficiary of booming demand for battery metals. The world\u2019s top cobalt producer and second-largest source of copper is striking deals with US firms and attracting fresh exploration, including KoBold Metals Co\u2019s large-scale lithium push, while China\u2019s Zijin Mining Group Co advances what could become one of the world\u2019s biggest lithium projects.<\/p>\n
Its currency has appreciated by more than a quarter against the dollar over the past 12 months, in contrast to Ethiopia\u2019s birr, which has weakened by about 17%.<\/p>\n
The Horn of Africa nation liberalised the birr in 2024 after decades of tight controls, contributing to the depreciation. Authorities have since sought to stabilise the currency, spending at least $1.35 billion buying birr this year.<\/p>\n
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Ethiopia is also grappling with fuel shortages in part due to the near-closure of the Strait of Hormuz, a vital energy chokepoint carrying about a quarter of global seaborne oil, and has urged citizens to use supplies sparingly.<\/p>\n
The IMF forecasts Congo\u2019s economy will grow 5.9% this year, compared with 9.2% for Ethiopia, while sub-Saharan Africa overall is expected to expand 4.3%.<\/p>\n
\u00a9 2026 Bloomberg<\/p>\n
#Congo #top #Ethiopia #subSaharan #Africas #fifthlargest #economy<\/p>\n","protected":false},"excerpt":{"rendered":"
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