(Business in Cameroon) - Over the 2022-2024 period, CEMAC will consolidate the economic recovery it recorded in 2021 (+1.3%) after the recession in 2020. This optimistic prediction is contained in the June 2021 report published by the Bank of Central African States (BEAC)’s Monetary Policy Committee.
“In the medium term, the economic recovery, which started in 2021 will continue from 2022 to 2024 (…). The growth will consolidate (…) to 2.7% in 2022, 2.2% in 2023, and 2.9% in 2024,” the report reads. Those performances will be mainly spurred by the non-oil sector, the committee informs.
According to the report, the optimistic forecast is issued because of the current context marked by a gradual dissipation of global uncertainties with the coronavirus vaccination campaigns worldwide, structural reforms initiated in the framework of the Economic and Financial Reform program PREF-CEMAC, and the second generation programs with the IMF.
This prediction bodes well for the economies and public finances (the drop in budget deficits and rise in revenues) for CEMAC members whose economies are not reliant on oil, Cameroon namely. Indeed, except for the Central African Republic, which is not an official oil producer, and Cameroon whose economy is diversified, all of the remaining CEMAC countries heavily rely on oil production.