cameroon economic update
As the sovereign debt crisis is unfolding, many are wondering what could be its effects on the economies of the CFA franc zone, a part of Africa with close relations with Europe, especially France. In the case of Cameroon, the Euro zone still represents the main market for the country’s exports and hosts the largest community of Cameroonians abroad.
The quality of service delivery is fundamental for people's wellbeing, especially for the poor. This is why the situation in Cameroon is worrisome.
Indicators for service delivery in Cameroon tend to trail behind those observed in countries at similar income levels; and for indicators such as primary school completion or child mortality, the country does even worse than the average for Sub-Saharan Africa.
La qualité des services publics est fondamentale pour le bien-être de la population, en particulier les pauvres. C’est la raison pour laquelle la situation au Cameroun est préoccupante.
Les indicateurs de prestations de services au Cameroun sont généralement inférieurs à ceux de pays ayant des niveaux de revenu similaire.
Cameroon’s GDP growth in 2010 is estimated to have reached 3 percent on the back of stronger non-oil activities, which expanded by about 4 percent (particularly food crops, forestry, construction, transport, and telecoms). This growth, however, remains too slow to reduce poverty in a sustainable manner. On its current trajectory, Cameroon is not likely to meet most Millennium Development Goals.
Yet, Cameroon is endowed with oil, high value timber, and agricultural products (coffee, cotton, cocoa). Untapped resources include natural gas, bauxite, diamonds, gold, iron, and cobalt. Why isn’t it growing faster?
As explained in the latest Cameroon Economic Update, the answer is that poor infrastructure, an unfavorable business environment, and weak governance hamper economic activity in Cameroon.