logoBC
Yaoundé - 21 January 2020 -
Economy

Paul Biya optimistic about economic situation in 2020 despite security tensions

Paul Biya optimistic about economic situation in 2020 despite security tensions
  • Comments   -   Monday, 06 January 2020 13:28

(Business in Cameroon) - In his new year’s address to the nation on December 31, 2019, Paul Biya was optimistic about Cameroon's economic situation in 2020, despite a socio-political crisis in the North-West and South-West regions that has already created nearly XAF1,000 billion of losses to companies.

The Government’s 2020 Economic, Financial, Social and Cultural Programme, which was presented recently before the National Assembly, is consistent with this trend. It is based on a 4% growth assumption, which is expected to keep us on the path to emergence by 2035. Moreover, our draft National Development Strategy for the 2020-2030 period seeks to achieve the same objective,”  the Head of State said.

This opinion is contrary to that of other institutions. In the Cameroon Economic Memorandum (CEM) of December 2016, which analyses the obstacles to Cameroon's emergence, World Bank experts estimate about 8% the annual growth that the country must record between 2015 and 2035 to achieve this objective.

Nevertheless, Paul Biya considered that the economy's growth is evolving in a rather satisfactory manner, even if it remains thwarted by, among other things, an uncertain international context. He indicated that considerable work has recently been done to redress the situation under the economic and financial programme concluded between Cameroon and the International Monetary Fund (IMF). “Our growth has picked up again, inflation is under control, budget and external deficits are contained and our public debt remains sustainable,” the President said.

Given the instability of the international context and the trade tensions that are undermining trade, Paul Biya recommended that Cameroon should make additional efforts to stay on the path of sustainable economic recovery.

S.A.

cameroon-mtn-s-clients-can-now-access-the-internet-after-the-3-day-disruption
MTN Cameroon's customers can once again access the Internet, after the serious disruptions on the operator's network between 16 and 18 January 2020. In...
neo-congo-mall-partner-effectively-launches-construction-works
On the site hosting the Congo market, in Douala, foundations are gradually emerging from the ground. Thanks to a XAF28 billion public-private partnership...
huawei-ict-competition-launched-in-cameroon-for-the-first-time
About 150 Cameroonian students from higher education and vocational training institutes partnered with the Huawei ICT Academy (National Post,...
cameroon-government-steps-in-to-ease-conflict-in-telecom-regulator-art-s-management
On January 8, Minette Libom Li Likeng (photo), the Minister of Posts and Telecommunications referred to Hessana Mahamat, the chairman of the board of...

Mags frontpage


Business in Cameroon n82-83: December 2019-January 2020

CFA: The debate is open in the CEMAC


Cameroon becomes CEMAC’s financial center


Investir au Cameroun n92-93: Decembre 2019-Janvier 2020

Franc CFA : le débat est ouvert en zone CEMAC


Le Cameroun devient la place financière de la CEMAC