2012 Cameroon Economic Outlook

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2012 Cameroon Economic Outlook

The economy of Cameroon should continue to progress in 2012, when it is expected to show growth of 4.4% compared to 4.1% in 2011. At sector level, the outlook for 2012?13 indicates that the primary sector will show 5% growth, thanks to average growth of 5% in the food-crop sub-sector and 5.7% in the cash-crop sub-sector. The secondary sector is expected to grow 1.4% over the same period, driven by the construction industry, better energy supply and higher production in the food-processing and manufacturing industries. The tertiary sector should progress 3.7%, thanks notably to buoyant conditions in transport and telecommunications. Higher growth in 2012 risks generating a 2.7% increase in in?ation, but it will still be below the 3% limit set by the Central African Economic and Monetary Community (CEMAC).

The public ?nance budgetary balance should improve from ?1.3% in 2011 to 0.2% in 2012 on the back of increased oil revenue. The current-account balance should also improve slightly to show a de?cit of 5.4% in 2012 after 6.3% in 2011 as a result of a reduction in the trade deficit from 3.7% in 2011 to 1.4% in 2012. A sustained slowdown in economic activity in the euro area could lead to lower external demand in the medium term, since the European Union is Cameroon’s main trading partner. In this context, the country’s main task will be to continue increasing agricultural production, developing infrastructure and consolidating the energy supply needed to sustain growth. The government will also need to continue to implement structural reforms aimed at improving economic competitiveness and the business climate.

A certain number of programmes have been set up to promote the socio-economic integration of young people but the government needs to ensure that these programmes are carried out coherently in relation to the national employment policy. Moreover, employment strategy needs to be based on partnerships between universities and companies to facilitate the arrival of young people on the jobs market. Click here for the Full Report

2013-01-04T23:15:40+00:00January 4th, 2013|General, Policy|