BANGUI, BRAZAVILLE, LIBREVILLE, MALABO, N’DJAMENA, YAOUNDÉ, December 20, 2024 – The World Bank launched today the 7th edition of the CEMAC Economic Barometer, a semi-annual report that analyzes the economic situation in the Economic and Monetary Community of Central Africa (CEMAC) region, comprising Cameroon, Central African Republic, Chad, Equatorial Guinea, Gabon, and the Republic of Congo. This edition includes a special topic on fiscal policies to address challenges in the forestry sector.
Here are some highlights from the report:
1. Modest growth amidst volatile commodity markets
Countries of the CEMAC region are expected to grow by a modest 3.4% this year, up from 1.8% in 2023. The pace of growth remains uneven across the region. In the Central African Republic, economic stagnation endures amid persistent fuel shortages and frequent power outages in 2024, with growth projected at just 0.7%. In Equatorial Guinea, on the other hand, a rebound in the oil sector will drive growth to 4.7% this year.
Despite moderate growth and a decline in inflation, poverty remains high and is increasing in all CEMAC countries. About 33% of the region’s 61 million people live in extreme poverty, i.e. under $2.15 per day (in 2017 PPP), compared to 30.6% two years ago.
The region continues to be heavily dependent on its extractives sectors, which account for about 75% of all exports. Oil, gas, and mining resources are finite and commodity prices are volatile, exposing the region’s economies to a high degree of uncertainty and vulnerability. Extractive industries are not labor-intensive and tend to not create sufficient jobs for the region’s young and growing population. In view of declining oil reserves and revenues, it is imperative for CEMAC to use extractive revenues to invest in human and physical capital in order to build resilient and inclusive economies.
CEMAC’s export basket, 2023
Read more on the world Bank webside
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