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Effects of Oil Rent on Economic Development in the Republic of Congo

The objective of this study is to analyze the 
effects of oil rent on economic development in Congo over a period from 1987 to 
2016. Following the estimation of the Vector Error Correction Model (VECM), the 
result shows that the dependence on oil rent negatively affects the development 
of Congo. The poor performance of growth and development in the Congo is mainly 
linked to the deterioration of governance and the generalization of corruption. 
This result allows us to formulate an economic policy implication that focuses 
on the sustainable management of oil resources with future generations in mind 
and by investing in the diversification of the country’s economic activities. This would help eradicate 
poverty and improve the standard of living of the population.