Cameroon Economic Forecast

Cameroon Economic Outlook

July 21, 2020

The economy has been battered by Covid-19 in the first half of the year, after annual growth edged up to 3.8% in Q4 2019. 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. On the domestic front, social distancing and lockdown measures have hampered consumer demand as households put off non-essential spending, while faltering confidence amid elevated uncertainty likely dented investment activity. This has prompted authorities to request IMF support to help the economy withstand the twin Covid-19 and terms of trade shocks. The government is also locked in talks with the World Bank over an additional USD 100 million in funding.

Cameroon Economic Growth

The economy is expected to slip into recession this year as containment measures hamper private consumption and investment activity, while depressed global demand for oil and other primary commodities hurt the external sector. A possible intensification of the armed conflict in the English-speaking provinces further clouds the outlook. FocusEconomics panelists see GDP contracting 1.5% in 2020, which is down 0.2 percentage points from last month’s forecast. For 2021, the panel projects GDP to expand 4.0%.

Cameroon Economy Overview

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