Cameroon Economic Forecast

Cameroon Economic Outlook

November 17, 2020

The economy likely remains in a tough spot in Q4, after floods in the country’s coastal region and low oil prices hit activity in Q3. A global surge in new Covid-19 cases and the reintroduction of some restrictions abroad spells trouble for external trade and tourism, while the ensuing slump in commodity prices exacerbates matters. The low number of new domestic cases should sustain activity, although threats to political stability remain amid growing unrest in the country’s English-speaking areas. Tensions have risen in the buildup to the country’s first ever regional elections on 6 December, with the ruling Cameroon People’s Democratic Movement set for victory amid calls from the opposition to boycott the vote. Meanwhile, in late October, the IMF approved a new USD 156 million disbursement under the Rapid Credit Facility to help authorities address the impact of Covid-19.

Cameroon Economic Growth

The economy should recover in 2021 from this year’s contraction. Domestic and external demand are forecast to strengthen, but the balance of risks is tilted to the downside due to uncertainty over the strength of the global recovery and possible further waves of coronavirus cases. Moreover, domestic political tensions in the anglophone regions present additional risks. FocusEconomics panelists see GDP expanding 3.8% in 2021, which is down 0.3 percentage points from last month. For 2022, the panel projects GDP to expand 4.2%.

Cameroon Economy Overview

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