Thank You for Your Interest

This is a blog about the Republic of Congo and it's economy. This is a project I am doing for my Economics Class. I hope you enjoy it.

Tuesday, May 10, 2011

Employment

While the unemployment rate is not provided, it must be fairly high.  The economy is based primarily on Petroleum with French, Italian, and US companies doing most of the business. 
in the 1990s, the major employer in the Congo was state bureaucracy, employing 80,000 people.  The payroll amounted to more than 20% of the GDP, and the world bank stepped in and encouraged reforms to reduce this percentage.
Reform was going well by 1996 when major banks were privatized and their debt was restructured, but war broke out in 1997.
"In March 2006, the World Bank, International Monetary Fund (IMF), and the Paris Club group of official creditor countries approved interim debt relief for Congo under the Heavily Indebted Poor Countries (HIPC) Initiative, noting that Congo had performed satisfactorily on an IMF-supported reform program and developed an interim Poverty Reduction Strategy."
Taken from GlobalEdge.

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