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With Prompt Reforms, Cameroon Can Turn Wealth into a … – World Bank Group
Cameroon could reduce its poverty rate five-fold by 2050 from 15% to 3% if it undertakes robust reforms to induce climate-action investments, says the World Bank’s newly released Country Climate and Development Report (CCDR). In addition, robust investments of $58 billion in adaptation and mitigation measures over the next 10 years could bring an additional GDP growth of 1% in 2050.
Cameroon eConomiC Update – World Bank
With these Cameroon Economic Updates, the World Bank is pursuing a program of short and frequent reports which analyze the trends and constraints in Cameroon’s economic development. Each issue, produced bi-annually, provides an update of recent economic developments, as well as a special focus on a topical issue.Read more
Bold Fiscal Reforms Can Unlock cameroon’s Full Potential
YAOUNDÉ, August 06, 2024 – The World Bank today launched two flagship economic reports: the 2024 Cameroon Economic Update and the Cameroon Public Finance Review. Entitled “Fiscal Instruments for Sustainable Forestry,” the reports highlight the need for fiscal reforms to improve Cameroon’s economic prospects.
By tax rate of 11.3% of GDP, Cameroon lags compared to its neighbors like Côte d’ivoire or Senegal. More than 03% of companies are cited. In this context, the World bank proposes a high-impact tax reform with three priorities: fighting tax evasion, continuing tax governance reforms, and opening up the economy. According to the institution,these measures could increase public income by 6% of GDP,a significant boost for the country’s development.
The double objective is to create a fairer tax system by increasing the number of companies and taxpayers in the system, improving health and education services, and enhancing communication. The World Bank emphasizes that increasing revenue is not enough; it is also crucial to spend these resources effectively. Today, a significant portion of the budget is allocated to ineffective charges, hindering budget investments and prioritizing actions in key sectors, up to 3% of GDP per year.
