Cameroon’s economy suffers from factors that often impact underdeveloped countries, such as stagnant per capita income, a … Oil remains Cameroon’s main export commodity, and despite falling global oil prices, still accounts for nearly 40% of exports. The economy of Cameroon was one of the most prosperous in Africa for a quarter of a century after independence. Real GDP will contract by 2.9% in 2020, owing to the negative effects of the coronavirus… We provide a wide array of financial products and technical assistance, and we help countries share and apply innovative knowledge and solutions to the challenges they face.We face big challenges to help the world’s poorest people and ensure that everyone sees benefits from economic growth. The current account and fiscal deficits widened, and foreign debt grew.
Along with its CEMAC partners, Cameroon has therefore had to put fiscal adjustment measures in place to adjust to the terms of trade shock and restore macro-stability and confidence in the common currency.Growth in Cameroon is expected to reach 4.3% this year.
Figures from the UN Refugee Agency (HCR) show that Cameroon is currently hosting over 401,213 refugees, primarily from the Central African Republic (289,982) and Nigeria (108,164).
The external sector seems to have been particularly hard hit as the pandemic eviscerated global demand for oil and sank crude prices, boding ill for the country’s fiscal and external accounts. Global data and statistics, research and publications, and topics in poverty and development The latest economic analysis for the region predicts the pandemic could cost as much as $79 billion in output losses for 2020. Cameroon became an oil-producing country in 1977. With IDA’s help, hundreds of millions of people have escaped poverty—through the creation of jobs, access to clean water, schools, roads, nutrition, electricity, and more. To learn more about cookies, With 189 member countries, staff from more than 170 countries, and offices in over 130 locations, the World Bank Group is a unique global partnership: five institutions working for sustainable solutions that reduce poverty and build shared prosperity in developing countries. At 85 years old, Paul Biya, who has held power since 1982, is now serving his seventh term as the country’s president.Having enjoyed several decades of stability, for many years now Cameroon has been grappling with attacks by Boko Haram in the Far North and a secessionist insurgency in the Anglophone regions. Less than 5 percent of Cameroonians have access to a bank account. Cameroon Economic Outlook. Cameroon is ranked 29th among 47 countries in the Sub-Saharan Africa region, and its overall score is well below the regional and world averages. Since September 2017, this situation has displaced more than 500,000 people internally and claimed the lives of close to 400 civilians and over 200 military, gendarmerie, and police officers. The public expenditure Cameroon suffers from weak governance, hindering its development and ability to attract investment. Along with its CEMAC partners, Cameroon has therefore had to put fiscal adjustment measures in place to adjust to the terms of trade shock and restore macro-stability and confidence in the common … A truck transporting beers to various localities in Cameroon Interurban passenger train on the move in Cameroon (Douala-Yaounde-Ngaoundere) In November 2018, disputed election results returned President Paul Biya to office.
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