(Business in Cameroon) - Despite the various measures taken by the Central Bank Of Central African States –BEAC (reducing banks’ reserve ratio, reducing some States’ refinancing caps, etc.) and all member States of the CEMAC (reduction of public expenditures, increase of the tax base, prioritizing some investments over others or the signing of adjustment programs with the IMF, etc), economic growth in the community could not be boosted in 2017.
Indeed, according to a statement released at the end of the 3rd extraordinary meeting of the BEAC’s monetary policy committee, held on November 2, in Ndjamena, Chad, despite “an improved macroeconomic context compared to 2016”, growth rate for CEMAC’s GDP will finally stand at 0.2% at the end of 2017, (just like in 2016); this against a forecast of 1.6% at the beginning this year.
According to the same forecast by the BEAC, there is however a drop in inflation rate to 1% this year, against 2% last year.
The overall budget deficit has also decreased (-3% of the GDP). A decrease which probably results from tighter public spending, the slight increase in global oil prices and the efficiency of tax offices in collecting non-oil tax revenues.