OGResearch Macro Portal Newsletter -- March 2022


April 4, 2022

March forecast highlights:

Democratic Republic of the Congo

  • Restarted cooperation with IFIs has improved the country’s outlook
  • We expect inflation to pickup gradually, driven by increasing global prices
  • The currency will gradually depreciate in medium-term amid weak fundamentals


  • We have revised the country's outlook down on the back of war in Ukraine
  • The pressures on the exchange rate will intensify in the next months 
  • Inflation will remain elevated in the short term, driven by higher utility prices


  • Negative Russian economy prospects have worsened the outlook for Tajikistan
  • The fiscal outlook remains weak and source of risks 
  • We expect a substantial exchange rate adjustment and a spike in inflation to occur in 2022–2023

Forecast schedule:

Recent forecast updates:

  • DRC
  • Moldova
  • Tajikistan

Upcoming forecast updates:

  • Azerbaijan - Apr 19
  • Mozambique - Apr 4
  • Ukraine - Apr 19