Cameroon Economic Forecast

Cameroon Economic Outlook

October 20, 2020

The economy seemingly remained in the doldrums in Q3 as a series of floods struck the country’s coastal region in mid-August, hitting business activity, while still-low oil prices exacerbated matters. These setbacks will have offset a likely boost from the reopening of trading partners’ economies in the quarter. Turning to Q4, prospects remain gloomy amid a global surge in new Covid-19 cases and the reintroduction of restrictive measures in some countries, spelling trouble for external demand. That said, the number of new domestic cases remains relatively low. However, political stability remains a concern amid unrest in the country, particularly in its English-speaking regions. Tensions are set to intensify in the buildup to the country’s first ever regional elections in December, with protestors calling for President Biya to resign, boding ill for activity ahead.

Cameroon Economic Growth

After its likely first contraction in over two decades this year, the economy is forecast to recover next year on strengthened external and domestic demand. However, the balance of risks remains tilted to the downside due to uncertainty over the strength of the global recovery, domestic political tensions and the lingering conflict in the country’s anglophone regions. FocusEconomics panelists see GDP expanding 4.1% in 2021, which is unchanged from last month. For 2022, the panel projects GDP to expand 4.3%.

Cameroon Economy Overview

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