(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.