"After three coup-ridden but relatively peaceful decades of independence, the former French colony experienced the first of two destructive bouts of fighting when disputed parliamentary elections in 1993 led to bloody, ethnically-based fighting between pro-government forces and the opposition." (Taken from BBC.)
Republic of the Congo is obviously going through some strange times government-wise. The people have all wrangled with a number of different government types over the past twenty years, but they seem to be in pretty good shape economically. Their exports are far greater than their imports, and the constitutional system set up in 2002 seems to be working. Stay tuned for more information.
Duncan
Thursday, March 10, 2011
Government
Government type: Republic
Legal system: "based on French civil law system and customary law; has not accepted compulsory ICJ jurisdiction"
Suffrage achieved at age: 18
President: Denis SASSOU-Nguesso
President is elected by popular vote for a seven year term.
Bicameral Parliament with a senate and a National Assembly.
"The economy is a mixture of subsistence agriculture, an industrial sector based largely on oil and support services, and government spending. Oil has supplanted forestry as the mainstay of the economy, providing a major share of government revenues and exports. In the early 1980s, rapidly rising oil revenues enabled the government to finance large-scale development projects with GDP growth averaging 5% annually, one of the highest rates in Africa. Characterized by budget problems and overstaffing, the government has mortgaged a substantial portion of its oil earnings through oil-backed loans that have contributed to a growing debt burden and chronic revenue shortfalls. Economic reform efforts have been undertaken with the support of international organizations, notably the World Bank and the IMF. However, the reform program came to a halt in June 1997 when civil war erupted. Denis SASSOU-NGUESSO, who returned to power when the war ended in October 1997, publicly expressed interest in moving forward on economic reforms and privatization and in renewing cooperation with international financial institutions. Economic progress was badly hurt by slumping oil prices and the resumption of armed conflict in December 1998, which worsened the republic's budget deficit. The current administration presides over an uneasy internal peace and faces difficult economic challenges of stimulating recovery and reducing poverty. The drop in oil prices during the global crisis reduced oil revenue by about 30%, but the subsequent recovery of oil prices has boosted the economy's GDP and near-term prospects. In March 2006, the World Bank and the International Monetary Fund (IMF) approved Heavily Indebted Poor Countries (HIPC) treatment for Congo, receiving $1.9 billion in debt relief under the program in 2010."
This information was taken from The CIA World Factbook.
Legal system: "based on French civil law system and customary law; has not accepted compulsory ICJ jurisdiction"
Suffrage achieved at age: 18
President: Denis SASSOU-Nguesso
President is elected by popular vote for a seven year term.
Bicameral Parliament with a senate and a National Assembly.
"The economy is a mixture of subsistence agriculture, an industrial sector based largely on oil and support services, and government spending. Oil has supplanted forestry as the mainstay of the economy, providing a major share of government revenues and exports. In the early 1980s, rapidly rising oil revenues enabled the government to finance large-scale development projects with GDP growth averaging 5% annually, one of the highest rates in Africa. Characterized by budget problems and overstaffing, the government has mortgaged a substantial portion of its oil earnings through oil-backed loans that have contributed to a growing debt burden and chronic revenue shortfalls. Economic reform efforts have been undertaken with the support of international organizations, notably the World Bank and the IMF. However, the reform program came to a halt in June 1997 when civil war erupted. Denis SASSOU-NGUESSO, who returned to power when the war ended in October 1997, publicly expressed interest in moving forward on economic reforms and privatization and in renewing cooperation with international financial institutions. Economic progress was badly hurt by slumping oil prices and the resumption of armed conflict in December 1998, which worsened the republic's budget deficit. The current administration presides over an uneasy internal peace and faces difficult economic challenges of stimulating recovery and reducing poverty. The drop in oil prices during the global crisis reduced oil revenue by about 30%, but the subsequent recovery of oil prices has boosted the economy's GDP and near-term prospects. In March 2006, the World Bank and the International Monetary Fund (IMF) approved Heavily Indebted Poor Countries (HIPC) treatment for Congo, receiving $1.9 billion in debt relief under the program in 2010."
This information was taken from The CIA World Factbook.
Imports and Exports
Major Imports: capital equipment, construction materials, foodstuffs
Money Spent on Imports: $3.607 billion
Major Exports: petroleum, lumber, plywood, sugar, cocoa, coffee, diamonds
Money Made on Exports: $9.2 billion
Note the following graph depicting a possible supply and demand situation for the Republic of the Congo.
The Information here has been taken from the CIA World Fact Book.
History
The CIA World Factbook says the following about Republic of the Congo:
"Upon independence in 1960, the former French region of Middle Congo became the Republic of the Congo. A quarter century of experimentation with Marxism was abandoned in 1990 and a democratically elected government took office in 1992. A brief civil war in 1997 restored former Marxist President Denis SASSOU-NGUESSO, and ushered in a period of ethnic and political unrest. Southern-based rebel groups agreed to a final peace accord in March 2003, but the calm is tenuous and refugees continue to present a humanitarian crisis. The Republic of Congo was once one of Africa's largest petroleum producers, but with declining production it will need new offshore oil finds to sustain its oil earnings over the long term."
"Upon independence in 1960, the former French region of Middle Congo became the Republic of the Congo. A quarter century of experimentation with Marxism was abandoned in 1990 and a democratically elected government took office in 1992. A brief civil war in 1997 restored former Marxist President Denis SASSOU-NGUESSO, and ushered in a period of ethnic and political unrest. Southern-based rebel groups agreed to a final peace accord in March 2003, but the calm is tenuous and refugees continue to present a humanitarian crisis. The Republic of Congo was once one of Africa's largest petroleum producers, but with declining production it will need new offshore oil finds to sustain its oil earnings over the long term."
Demography
Here are some relevant facts about Republic of the Congo. Taken from the CIA World Factbook.
Population: 4,243,929
Median Age: 17
Urbanization: 62% of population
Life expectancy: 55 Years
Labor Force: 1.514 million
Population: 4,243,929
Median Age: 17
Urbanization: 62% of population
Life expectancy: 55 Years
Labor Force: 1.514 million
Wednesday, March 9, 2011
Geography
Here is a little information on the Geography of the Republic of Congo.
Check out this map: Click here for the link.
This is a picture of the capitol Brazaville. Here is the link.
Here is a logging opperation in the Congo Basin. And the link.
Check out this map: Click here for the link.
This is a picture of the capitol Brazaville. Here is the link.
Here is a logging opperation in the Congo Basin. And the link.
Welcome
Hello Readers! My name is Duncan Becker, and this is a blog for my Economics class project. I will be posting various points of information in regards to the economy of the Republic of Congo. I hope you enjoy.
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