Congo Republic sees economy shrinking 9% in 2020

Congo Republic's economy is expected to contract 9% in 2020 due to the coronavirus epidemic and a collapse in oil prices, the government said on Wednesday, a drastic revision of its earlier forecast of 1.2% growth.

The central African country was still in recovery mode after crude prices plummeted in 2014 and its debt levels ballooned to 118% of GDP in 2017.

A slump in global oil prices due to a coronavirus-induced supply glut has lead to a more than 50% fall in expected revenue for this year, government spokesman Thierry Moungalla said after ministers met to approve a revised budget.