Cameroon is a lower-middle-income country with a population of about 24 (2017) million. Situated on the Atlantic Ocean, it shares its borders with Chad, the Central African Republic (CAR), Equatorial Guinea, Gabon, and Nigeria. Two of its regions (bordering southern Nigeria) are Anglophone, while the rest of the country is Francophone. Cameroon is endowed with rich natural resources, including oil and gas, minerals, high-value species of timber, and agricultural products, such as coffee, cotton, cocoa, maize, and cassava.
Cameroon’s ruling party, the Cameroon People’s Democratic Movement (CPDM), has long dominated the country’s political landscape, occupying 148 of 180 seats in the National Assembly and 81 of 100 in the Senate. In November 2018, disputed election results returned President Paul Biya to
Because its poverty reduction rate is lagging behind its population growth rate, the overall number of poor in Cameroon increased by 12% to 8.1 million between 2007 and 2014, and poverty is increasingly concentrated, with 56% of poor living in the North and Far North.
Cameroon is the largest economy in the Central African Economic and Monetary Community (CEMAC), a region experiencing an economic crisis triggered by the steep fall in oil prices. Along with its CEMAC partners, Cameroon has
On a more positive note, growth in Cameroon accelerated in the first quarter of 2018 and is expected to reach 3.8% for the year. The rebound is driven by an increase in natural gas production, with a new liquefied natural gas (LNG) offshore terminal coming online; an uptick in agriculture, boosted by stronger demand from neighboring Chad, CAR, and Nigeria; and public works preparations for the 2019 Africa football cup (now relocated). The World Bank’s most recent Country Economic Memorandum, issued in April 2017, notes that if Cameroon is to become an upper-middle-income country by 2035, it will have to increase productivity and unleash the potential of its private sector.
Specifically, Cameroon’s real GDP will have to grow by roughly 8% (or 5.7% per capita) over 2015 to 2035, which in turn will require the investment share of GDP to increase from about 20% in 2015 to 30% in 2035, and productivity growth to reach 2% over the same period from its average zero growth rate over the past decade. These challenges, though daunting, can be met.
Cameroon suffers from weak governance, hindering its development and ability to attract investment. It ranks 153rd out of 180 countries in the 2017 Transparency International corruption perceptions
Last Updated: Dec 03, 2018