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IMF project more than 4% economic growth for Cameroon

IMF project more than 4% economic growth for Cameroon
  • Comments   -   Wednesday, 16 May 2018 14:33

(Business in Cameroon) - On May 11, 2018, in Yaoundé, the local representative of IMF presented the economic outlook in Sub-Saharan Africa. According to its projection, Cameroon’s economic growth will stand at 4.2% this year (up by 1% from the 3.2% registered in 2017).

It explains that this growth is mainly due to the rise in oil’s price as well as its production in the country. This growth is also the result of institutional economic and financial reforms initiated by CEMAC and the IMF’s Structural Adjustment Programme.

Let’s note that this prospect is in line with the projections estimated by Cameroon’s authorities (4.2%), AfDB and Standard & Poor’s (S&P).

We forecast real GDP growth will average 4.6% in 2017-2020, driven by the implementation of large infrastructure projects such as the Kribi deep-water port, the Lom Pangar power station, and various dam and road projects. We project gas production will surge in 2018 thanks to the start of the floating liquefied natural gas terminal […]”, S&P published on its website on October 13, 2017.

Consistent with the rating by the agency, AfDB confirmed in its recent report focused on Cameroon that the country’s growth will be boosted (to reach 4.1%  this year and 4.8% in 2019) thanks to the infrastructures mentioned by Standard & Poor’s.

Despite these good projections which are concordant from a partner to the other, AfDB reminds that the projected economic growth is lesser than the 5.8% registered during 2013-2015.

So, even though Cameroon and the whole CEMAC are out of the “danger zone” as Abbas Mahamat Tolli was saying recently, the economic situation of Cameroon and that of the neighboring countries of the sub-region remains fragile.

Brice R. Mbodiam

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