Cameroonian economy: situation after the June 2024 budget review :: CAMEROON
The Movement for the Recovery of Cameroon (MRC) publishes an alarming report on the current state of the Cameroonian economy and its prospects, after a review the state budget with order on June 20, 2024. Despite promises of an economic crisis in 2035, the results are still worrying, with low growth rates, oscillating between 3.6% and 4.4%well below forecasts 10% published in 2010 in a document of Strategy for Growth and Employment (DSCE).
Growth and enough debt
The MRC highlights the gap between Cameroon and other African economies, such as Côte d’Ivoire, which presents its GDP of 87.4 billion dollars in 2024, more than one and a half times higher than Cameroon, calculated at only 52 billion. This difference is the result, according to the MRC, of failed management. The recent budget review, far from stimulating the economy, focuses mainly on covering debt, to the tune of 2070.1 billion FCFAdebt that slows investment and increases public spending.
Future outlook
Against this assessment, the MRC criticizes a vicious circle of corruption and unclear management. AN budget deficit increase, as the reliance on multilateral funding, harms it investments direct and national development.
Call to action
In its statement, the MRC urges the government to fight corruption, which will take around the country 30% of GDP annual, money that could be reinvested to revive the economy and reduce the poverty. Maurice Kamto, president of the MRC, also asks financial partners to support a stricter management of the Cameroonian economy.
