Cameroon Economic Forecast

Cameroon Economic Outlook

May 26, 2020

Covid-19 containment measures and the collapse in global oil prices are dealing a heavy blow to the economy, constraining consumer spending and exports. To cushion the adverse impact of the crisis, on 30 April the government announced additional fiscal measures—on top of the CFAF 58.7 billion previously put forward—including tax deferrals for firms and increases in family allowances and pensions. Moreover, on 4 May the IMF unlocked USD 226 million in emergency financing, while also approving an extension of the extended credit facility arrangement, which was set to expire on 25 June, to 30 September to help mitigate the economic downturn. Meanwhile, on 22 May the Paris Club of creditor countries granted Cameroon’s request to suspend its debt service until 31 December 2020.

Cameroon Economic Growth

The Covid-19 and oil price shocks will constrain the economy this year. Fiscal pressures from the pandemic will undercut spending on infrastructure projects hampering fixed investment, while the sharp fall in oil prices and crippled demand for commodities will depress exports. Meanwhile, an escalation of the armed conflict in the Anglophone provinces poses a further downside risk. As it stands, the panel sees GDP contracting 0.4% in 2020, which is down 1.7 percentage points from last month’s forecast. For 2021, the panel projects GDP to expand 4.0%.

Cameroon Economy Overview

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