MINISTRY OF FINANCE SECRETARIAT GENERAL DIVISION OF FORECASTS REPUBLIC OF CAMEROON Peace – Work – Fatherland
FIRST QUARTER 2023 ECONOMIC OUTLOOK BULLETIN
Economic Outlook Bulletin
Economic Outlook Bulletin No. 49 June
CONTENTS
ACRONYMS AND ABBREVIATIONS ... 3 OVERVIEW ... 4 MACROECONOMIC FRAMING ELEMENTS ... 6 EXTERNAL SECTOR ... 17 PUBLIC FINANCES ... 27 MONETARY SITUATION ... 31 SOCIO-ECONOMIC INFORMATION ... 34 EDITORIAL BOARD ... 35
Economic Outlook Bulletin Economic Outlook Bulletin No. 49 June
Economic Outlook Bulletin
Economic Outlook Bulletin No. 49 June
ACRONYMS AND ABBREVIATIONS
| BEAC | Bank of Central African States |
|---|---|
| CEMAC | Economic and Monetary Community of Central Africa |
| CT | Corporate Income Tax |
| DF | Division of Forecasts |
| DGC | Directorate General of Customs |
| GDP | Gross Domestic Product |
| GNP | Government Net Position |
| OECD | Organization for Economic Cooperation and Development |
| HPSF | Hydrocarbons Prices Stabilization Fund |
| IMF | International Monetary Fund |
| lb | English Pound |
| MINFI | Ministry of Finance |
| NHC | National Hydrocarbons Corporation |
| NTP | Treasury Net Position |
| STPP | Special tax on the sale of petroleum products |
| VAT | Value added Tax |
OVERVIEW
International economic environment
In the first quarter of 2023, the global economy is regaining strength and moving onto a better trend. There has been an increase in the supply of cereals, a fall in the prices of energy products and an improvement in supply chains.
According to the OECD, economic growth in the group of advanced economies stood at 0.3%, after 0.4% in the previous quarter. In the emerging and developing countries, growth accelerated in the main countries of the group: China (2.2% after 0.6%); India (1.9% after 1.0%); Mexico (1.0% after 0.6%) and South Africa (0.4% against -1.1%).
Over 2023 as a whole, the IMF expects the world economy to grow by 2.8% (World Economic Outlook, April 2023). In the advanced economies, growth is set to fall from 2.7% in 2022 to 1.3% in 2023. In the USA, growth is expected to fall to 1.6% from 2.1% in 2022. In the Eurozone, growth would be 0.8% after 3.5% in 2022. In the UK, growth would be negative, at around -0.3% compared with 4.0% in 2022. In Japan, on the other hand, growth is expected to accelerate to 1.3% from 1.1% in 2022.
In the group of emerging and developing countries, growth is set to slow slightly from 4.0% in 2022 to 3.9% in 2023. In the Group's main economies, growth is expected to be: (i) 5.2% after 3.0% in 2022 in China; (ii) 5.9% after 6.8% in 2022 in India; (iii) 0.7% after -2.1% in Russia; (iv) 0.9% after 2.9% in Brazil.