In-Depth Analysis
Cameroon
Cameroon is a country with abundant natural resources, but the cumbersome business environment and infrastructure gaps are major obstacles. The centralised power structure keeps political risk elevated while insecurity in the restive Anglophone regions remains a perennial concern.
Cameroon looks set to face an extremely challenging year with most economic indicators expected to post sharp deteriorations. Limited fiscal capacity to provide comprehensive relief to the economy will likely compound the depth of the expected slump in economic activity. A sharp drop in both oil and non-oil exports is also expected to drive the already under pressure twin fiscal and current account deficits wider and to weigh on economic growth. Our current forecast is for real GDP to contract by around 2% in 2020 (down from an estimated 3.8% expansion in 2019). On the positive side, financial assistance from multilateral organisations should have a stabilising impact, not only in Cameroon, but also in the Economic Community of Central African States (Cemac) as a whole. This may prove to be significant to the region’s ability to ward off a potential devaluation of the CFA franc’s peg to the euro and ensure a measure of monetary stability. (Source: Cameroon Quarterly Update, May 2020.)
Macroeconomic Data
(2019)
|
Fiscal Balance (as a % of GDP) |
-2.3 |
|
Consumer Price Index (% change y-o-y, avg) |
2.5 |
|
Current Account Balance (as a % of GDP) |
-4.0 |
|
Real GDP (annual % change) |
3.8 |
|
GDP per Capita, US$ |
1,496.6 |
|
Import Cover (months) |
5.1 |
|
Population, million |
25.9 |
| Total External Debt (as a % of GDP) |
32.4 |