In the early 1980s, rapidly rising oil revenues enabled the government to finance large-scale development projects with GDP growth averaging 5% annually, one of the highest rates in Africa. The government has mortgaged a substantial portion of its petroleum earnings, contributing to a shortage of revenues. January 12, 1994 devaluation of Franc Zone currencies by 50% resulted in inflation of 46% in 1994, but inflation has subsided since. COUNT 4
QSN1 What did income from petroleum allow the government to fund in the early '80s? ANS1 large-scale development projects QSN2 What was the Congo's annual increase in gross domestic product in the early '80s? ANS2 5% QSN3 By how much were Franc Zone currencies devalued in January of 1994? ANS3 50% QSN4 How much inflation did the Congo experience as a result of the devaluation of the Franc? ANS4 46%