Democratic Republic of Congo growth estimate of the day

I worry about the distribution, but of course the news could be worse:

The International Monetary Fund said a mining boom helped the Democratic Republic of Congo’s economy perform “significantly stronger” last year than earlier forecast.

The economy of the mining giant is estimated to have grown 8.5%, compared with an earlier projection of 6.6%, the IMF said Wednesday in an emailed statement.

The fund also raised its growth forecast for this year to 8% from 6.7%, as it warned of downside risks “from the armed conflict in the east, uncertainty ahead of the elections, the continued effect of the war in Ukraine, and adverse terms-of-trade shocks.”

Congo produces almost 70% of the world’s key battery mineral cobalt and tied Peru last year as the second-largest copper producer, according to the US Geological Survey. The central African nation also produces significant amounts of gold and tin. Its mining industry as a whole grew 20% last year, the IMF said.

Here is more from Michael J. Kavanagh at Bloomberg.