Growth is resilient but weakening
As many oil exporters, Cameroon’s growth experiences more volatility than regional average. Despite the slump in oil prices and the security crisis, the economy proves more resilient than regional counterparts. Diversification in the non-oil sector is the key.
Large infrastructure works and increased support to the agricultural and forestry sectors drove the performance of the non-oil sectors. This led to a more sustainable economy, which in turn boosts resistance to external shocks.
The country also managed to limit the revenue losses related to the slump in oil price by increasing its supply. As a result, the Cameroonian economy grew by +4.5% in 2016. EH expects GDP growth to reach +4% in 2017 and +4.5% in 2018.
Cameroon’s business environment still needs to improve for performance to rise above current levels. While the country managed to slightly improve its ranking in the 2017 World Bank Doing Business survey (166th out of 190 up from 172nd in 2016) its record on property registration and contract enforcement remains poor.