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Yaoundé - 18 October 2019 -
Economy

Beac lowers CEMAC countries’ 2019 growth forecasts

Beac lowers CEMAC countries’ 2019 growth forecasts
  • Comments   -   Thursday, 25 July 2019 15:36

(Business in Cameroon) - On July 24, 2019, in Ndjamena, the monetary committee of the Bank of Central African States (BEAC) met to discuss the sub-region’s 2019 economic outlook.

At the end of the meeting, a release signed by BEAC’s governor Abbas Mahamat Tolli indicated that in 2019, member countries’ economy would grow slower than forecasted earlier. Economic growth is expected to be 3% instead of the initial 3.2%.

In addition, inflation is forecasted to reach 2.5% against 2.1% in 2018 while affected by high oil products’ importations. Current account deficit should reach 6.1% of GDP, up from 3.4% of GDP in 2018.

Still, there is good news. For instance, the budget surplus is forecasted to reach 0.4% of GDP this year, up from 0.1% recorded in 2018. The money mass should also rise by 8.2% for an external coverage rate of 68.6% against 61.4% in 2018.

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