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How Important Is the Efficiency of Government Investment? The Case of the Republic of Congo

ACCOUNTING AGRICULTURE BALANCE OF PAYMENTS BASE YEAR BENCHMARK BORROWING BUDGET CONSTRAINT BUDGET CONSTRAINTS CAPITAL ACCOUNTS CAPITAL STOCKS CIRCULAR FLOW COMMODITY PRICES CONSUMERS CURRENT ACCOUNT CURRENT ACCOUNTS DEBT DEBT BURDEN DEFICITS DEMAND CURVES DEVELOPING COUNTRIES DEVELOPING COUNTRY DEVELOPMENT ECONOMICS DEVELOPMENT POLICY DEVELOPMENT STRATEGIES DIVERSIFICATION DOMESTIC BORROWING DOMESTIC MARKET DOMESTIC MARKETS ECONOMIC DEVELOPMENT ECONOMIC PERFORMANCE ECONOMIC POLICY ECONOMIC REFORMS EDUCATIONAL ATTAINMENTS EDUCATIONAL LEVEL EDUCATIONAL LEVELS EMPLOYMENT GROWTH ENROLLMENT ENROLMENT RATE ENROLMENT RATES EXPENDITURE EXPORTS EXTERNAL BORROWING EXTERNAL DEBT FACTOR DEMAND FACTOR MARKETS FINANCIAL SUPPORT FIXED INVESTMENT FORECASTS FOREIGN CURRENCY FOREIGN DEBT FOREIGN DIRECT INVESTMENT FOREIGN EXCHANGE FOREIGN INTEREST FULL EMPLOYMENT GDP GDP PER CAPITA GENERAL EQUILIBRIUM GINI COEFFICIENT GOVERNMENT BUDGET GOVERNMENT DEBT GOVERNMENT FINANCES GOVERNMENT INVESTMENT GOVERNMENT INVESTMENTS GOVERNMENT POLICIES GOVERNMENT REVENUES GOVERNMENT SPENDING GROWTH RATE HIGH UNEMPLOYMENT HOUSEHOLD WELFARE HOUSEHOLDS HUMAN DEVELOPMENT HUMAN RESOURCE INCOME INCOME LEVEL INFANT MORTALITY INFLATION INFRASTRUCTURE INVESTMENT INFRASTRUCTURE INVESTMENTS INTEREST PAYMENTS INTERNAL RATE OF RETURN INTERNATIONAL BANK INVESTING INVESTMENT FINANCING INVESTMENT PLAN INVESTMENT PROJECTS INVESTMENT SPENDING LABOR FORCE LABOR FORCE PARTICIPATION LABOR MARKET LABOR MARKETS MACROECONOMIC POLICIES MORTALITY OIL PRICE OIL PRICES OUTPUTS PAYMENT FLOWS PRICE CHANGE PRICE CHANGES PRICE LEVELS PRICE VOLATILITY PRIMARY SCHOOL ENROLMENT PRIVATE CAPITAL PRIVATE INVESTMENT PRIVATE SAVINGS PRODUCTIVITY PRODUCTIVITY INCREASES PROFIT MAXIMIZATION PUBLIC DEBT PUBLIC FINANCE PUBLIC INVESTMENT PUBLIC INVESTMENTS PUBLIC SPENDING REAL EXCHANGE RATE REAL GDP REAL WAGES RECEIPTS RECURRENT EXPENDITURE RETURNS SAFETY SAVINGS SOCIAL DEVELOPMENT SOCIAL DEVELOPMENTS STATISTICAL ANALYSIS STOCK DATA SUPPLIERS SUPPLY CURVE SUPPLY CURVES TAXATION TOTAL FACTOR PRODUCTIVITY TOTAL REVENUE TURNOVER UNEMPLOYED UNEMPLOYMENT UNEMPLOYMENT LEVELS UNEMPLOYMENT RATE UNEMPLOYMENT RATES URBAN AREAS UTILITY MAXIMIZATION WAGES WEALTH
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Africa | Africa | Sub-Saharan Africa | Central Africa | Congo, Republic of
2012-03-19T18:06:31Z | 2012-03-19T18:06:31Z | 2011-12-01

The Republic of Congo, an oil rich country in Central Africa, has made substantial progress in the past decade in stabilizing the economy and achieving high growth rates. However, despite reaching middle-income country status in 2006, the economy is not diversified, poverty remains pervasive, and social indicators are well below the average for countries with a similar income level. This paper analyzes aspects of an ambitious investment program on which the government has embarked to improve the provision of basic services and promote private sector development. The success of this program, however, is questionable given the low absorptive capacity of the country and in particular the poor efficiency of public investment management. The analysis is based on simulations with an economy-wide model for analysis of development strategies and government policies, MAMS (Maquette for MDG Simulations). The results of the simulations show that slightly delaying large investment projects, while simultaneously improving the efficiency of the investment program, would lead to significantly higher growth rates and lower poverty levels. The analysis therefore confirms the importance of efficient public investment management for the optimal use of the country's resources.

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