Wealth in poverty!!

the DRC or the Democratic Republic of Congo is purported to be home to trillions of dollars worth of rare earth minerals and untapped natural resources but it's considered one of the poorest countries in the world the Republic is so resource Rich that it has Timber oil and gas iron ore gold diamonds and minerals critical to the energy transition like Cobalt and copper it's one of the most biodiverse areas in the world but as of 2022 it ranked 96th out of 223 countries in terms of GDP based on the World Bank why is this the case [Music] the largest nation in sub-Saharan Africa SSA is the Democratic Republic of the Congo the DRC is blessed with extraordinary natural resources including the second largest rainforest in the world Cobalt and copper mines hydroelectric potential major arable land and abundant biodiversity yet with more than 70 percent of its inhabitants living in extreme poverty the DRC is still one of the world's poorest Nations around 60 million Congolese survived on less than two dollars and fifteen cents per day in 2022 political unrest is one of the key causes of the nation's poverty and Decades of strife and violence have Afflicted the DRC while numerous armed groups and militias Vie for control of the nation's resources a serious ongoing humanitarian crisis has resulted from a protracted history of conflict political upheaval instability and authoritarian governance additionally population have been forcibly displaced since the end of the Congo Wars in 2003 these characteristics haven't changed and Corruption is still a big issue the nation has a history of unscrupulous leaders that have stolen billions of dollars from the national treasury leaving little money for social and development initiatives this has resulted in a shortage of funding for Vital infrastructure projects that are needed for the development and growth of the economy including roads hospitals and education deforestation Mining and other human activities that have resulted in soil degradation erosion and biodiversity loss have also created severe environmental problems in the DRC the DRC is one of the wealthiest nations in the world in terms of Natural Resources with an estimated 24 trillion dollars worth of undiscovered minerals lithium and Cobalt are just two of the many natural resources found in the Democratic Republic of Congo along with copper gold and Colton the DRC is a significant player in the world economy since these minerals are essential for many Industries including Aerospace Automotive renewable energy and electronics lithium is a highly reactive soft silver white metal used to make batteries Ceramics glass and pharmaceuticals lithium reserves in the nation have yet to be fully investigated but it's thought to contain sizable unexplored amounts Cobalt is another mineral that's thought to be abundant in the Republic with experts arguing that as much as 60 percent of the world's Cobalt can be found in the DRC a few grams of cobalt are needed for a smartphone tablet or laptop whereas 22 pounds is needed for an electric vehicle the DRC is the world's greatest producer of cobalt with estimated reserves of roughly 3.6 million metric tons however there have been numerous charges of corruption environmental harm and human rights violations related to the mining of these minerals in the DRC the mining sector has come under Fire for allegedly exploiting child labor with an estimated 40 000 kids working in Cobalt mines and other mines Across the Nation the DRC has the potential to play a significant role in the production of lithium and Cobalt due to the rising demand for electric vehicles renewable energy storage systems and other high-tech goods and many Congolese people's living standards could be dramatically raised by the natural riches in the DRC if the resources were harvested ethically it would create employment opportunities bring in money for the government upgrade the infrastructure and make investments in vital services like health care and education but to do this the mining sector needs to be managed responsibly and sustainably despite this natural richness the DRC currently has one of the lowest economies in the world due to capacity expansion and a rebound in global demand mining sector Investments and exports continue to be the main drivers of development however non-mining sector growth was moderate and this was particularly true of the services sector a bigger current account deficit was caused by the fact that increasing food and fuel costs could not be offset by greater export revenues however foreign direct Investments and external financing helped to bolster reserves in limit excessive currency rate volatility the protracted conflict in Ukraine increased the price of food and energy globally which put pressure on domestic inflation and caused it to increase from 2021 to 2022 as increased income mobilization was unable to offset increased capital and current spending the budget deficit worsened due to favorable commodity prices is in the digitization of the revenue collection process domestic revenues reached their peak in 2022 while expenditures Rose as a result of special security spending every year's repayments salary adjustments and fuel subsidies the DRC has a promising medium-term prognosis with a growth projected to reach 7.5 percent by 2025. however the drc's economy is still susceptible to fluctuations in commodity prices and the expansion rates of its primary trading partners both of which could be hampered by geopolitical unrest by driving up the price of food and fuel globally the ongoing economic effects of the conflict in Ukraine could exacerbate poverty and inequality by increasing the budget deficit inflation and family consumption [Music] foreign investors find it challenging to conduct business in the Democratic Republic of the Congo DRC due to the nation's historic violence and instability numerous issues such as ethnic tensions political rivalry and disagreements over land and natural resources have contributed to the conflicts the first Congo war from 1996 to 1997 was one of the most important battles in modern DRC history Mobutu sese Seco was deposed as president as a result of the conflict which engaged numerous armed organizations notably the Rwandan patriotic Army and Ugandan people's Defense Force even more tragically the second Congo War which broke out in 1998 and lasted until 2003 claimed to millions of lives and left countless people homeless and suffering the colonization of Belgium by King Leopold II still has an effect effect on the nation in the continuous violent disputes there the area of the battle has grown smaller but it did not lessen the harm it does for instance the country's primary political opposition party established a foothold in the southern Kasai area of the nation in 2012. even though they aren't political posts Chiefs in the DRC have a lot of authority and administrative control into Gina Pierre Pandi took on this responsibility in Kasai that year Pandi was however assassinated in 2016 after conflict between his supporters and the military due to this a large-scale battle broke out which resulted in the displacement of almost 1.4 million people the TRC has a complex and difficult humanitarian situation due to sporadic waves of warfare that occur throughout many areas of the nation the number of internally displaced people or idps in the Democratic Republic of the Congo exceeds 5 million making it the third largest IDP population in the world foreign investors face a difficult environment in the DRC because of the long-running conflicts and instability there corruption and a lack of openness along with persistent violence and insecurity have hampered economic progress and development to establish a secure and transparent economic environment that draws International Investment and benefits the Congolese people the government must place a high priority on peace building and good governance the DRC can establish itself internationally and contribute to wealth and well-being as the globe becomes more interconnected There's Hope for the Congo's future despite its difficulties ongoing efforts must address the infrastructural war and Corruption problems the road ahead may be difficult but the future of the DRC is in the hands of its citizens and leaders foreign [Music]