Cameroon Economic Forecast

Cameroon has modest resources for oil and gas, and for sectors of agricultural, agrarian, fisheries, and farming, the economy is relatively stable. Of all commodity economies in sub-Saharan Africa, Cameroon is reportedly one of the richest. Even so, this country continues to face a variety of challenges simply because it is so underdeveloped. In addition, Cameroon’s civil service is too heavy and the overall climate of the country makes it difficult for most business enterprises.

Cameroon has modest resources for oil and gas, and for sectors of agricultural, agrarian, fisheries, and farming, the economy is relatively stable. Of all commodity economies in sub-Saharan Africa, Cameroon is reportedly one of the richest. Even so, this country continues to face a variety of challenges simply because it is so underdeveloped. In addition, Cameroon’s civil service is too heavy and the overall climate of the country makes it difficult for most business enterprises. The two things that have affected Cameroon’s economy most is international oil and gas prices, as well as pricing for cocoa. To increase business investment in this country, several endeavors have been undertaken since 1990, specifically programs through the World Bank and the International Monetary Fund. With this, efficiency in agriculture, fisheries, and farming have increased. Additionally, imports and exports have improved and the banks and financial institutions of this country have been recapitalized on. While advancements have been made, Cameroon still needs reform such as a more open market, reduction of poverty, and privatization.

Cameroon GDP Forecast

Cameroon is currently rated as number 53 in the world for total land area. Because of this agricultural production and mineral exports have helped boost the economy and improve the Cameroon GDP (Gross Domestic Product, Current Prices, US Dollar). However, challenges pertaining to unequal income distribution, nonproductive state enterprises, and per capita income being stale still exist. The good news is that since 2005, increased prices for oil, gas, and cocoa have helped to stabilize the economy to some degree. At the end of 2008, the GDP was at $23.73 billion in US dollars. Then, with a 6.36% decline, the 2009 numbers changed slightly to $22.223 billion. With this, the country was ranked worldwide at number 94. For 2010, forecasters estimate the numbers will be close to 2009, hitting around $23.12 billion. However, for year-end 2015, a greater change is expected to $31.258 billion in US dollars.

Cameroon Unemployment Forecast

Currently, the Cameroon population is close to 19 million and while more job opportunities exist today than several years ago, experts state that just over 7.3% of the population works. This means the Cameroon unemployment rate is extremely high, reaching upwards of 30%. Obviously, the government is working hard to develop programs and build foreign relationships to bring the unemployment rate down.

Cameroon Inflation Rate Forecast

For the Cameroon inflation rate in relation to change for consumer pricing, 2008 closed out at 5.34%. Over the next year, inflation saw a decline of 43.05%, which meant at the end of 2009, inflation was at 3.04%, positioning the country at number 93 for world rankings. Then by the end of 2010, experts are forecasting a very small change of just 1.32%, which would put the inflation rate at 3.00%. Even for the year 2015, change in inflation rate is expected to be slight, closing the year at 2.7%.

Cameroon Current Account Balance Forecast

For forecasters to determine the future of the Cameroon current account balance, all current account transactions are used except for items pertaining to capital and finance. The primary classifications used include income, current transfers, goods, and services. At the end of 2008, the account balance for Cameroon was at a negative $0.43 billion in US dollars. Even with an increase of 41.45%, 2009 closed at a negative $0.604 billion. Using this formula, experts believe that for 2010, the balance will be at a negative $0.99 billion and for 2015, a negative $0.584 billion in US dollars.