Cameroon Economic Outlook
- Economic growth in the years ahead should be sustained by the recovery in oil production.
- Cameroon needs to improve its economy’s competitiveness and business climate to lessen the risk of a drop in external demand arising from the crisis in Europe.
- Involving the youth in the economic life of the country is a major challenge.
Growth in 2012 and 2013 is expected to be consolidated, supported by a recovery in the oil sector, but carries a risk of a rise in inflation which has, nevertheless, been kept beneath the community limit of 3%. The budgetary and trade balances should improve as a result of the growth in oil revenues. However, a continuing slowdown in economic activity in the Eurozone could lead in the medium term to poorer performances since the European Union remains the country’s principal trade partner. In this context the main challenges lie in the pursuit of policies for stimulating the agricultural sector, developing infrastructure, and increasing energy supply, essential to sustaining growth.
The government also needs to continue the implementation of structural reforms to improve the competitiveness of the economy and the business climate. The political context was marked in 2011 by the decision to entrust the organisation of the presidential election to an independent body, “Elections Cameroon”.
Unemployment among young people aged between 15 and 35 is estimated at 13% but there is a very high degree of underemployment, which is at 71.9% at the national level and 54.4% and 79.2% respectively in urban areas and the countryside. Promoting youth employment is a major issue for the government. It was given a boost with the implementation of a youth plan (2009-2013) which sought to put into effect a national youth policy adopted in 2006. Several plans designed to support the integration of young people into society and the economy were drawn up but their application has not always been coherent with the national employment policy. Furthermore it is essential to align the jobs strategy on a partnership between universities and businesses to ease the process of transition to the labour market.
