MINISTRY OF FINANCE SECRETARIAT GENERAL DIVISION OF FORECASTS REPUBLIC OF CAMEROON Peace – Work – Fatherland
SECOND QUARTER 2023
ECONOMIC OUTLOOK BULLETIN
Economic Outlook Bulletin
Economic Outlook Bulletin NO. 49 June
SUMMARY
SACRONYMS AND ABBREVIATIONS ... Erreur ! Signet non défini. OVERVIEW ... Erreur ! Signet non défini. MACROECONOMIC FRAMING ELEMENTS ... 6 EXTERNAL SECTOR ... Erreur ! Signet non défini. PUBLIC FINANCES ... 20 MONETARY SITUATION ... Erreur ! Signet non défini. BANKING SECTOR ... Erreur ! Signet non défini. SOCIO-ECONOMIC INFORMATION ... Erreur ! Signet non défini.
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 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 Stabilisation Fund |
| IMF | International Monetary Fund |
| lb | Pound Sterling |
| MINFI | Ministry of Finance |
| NHC | National Hydrocarbons Corporation |
| NPT | Net Position of the Treasury |
| STPP | Special Tax on the sale of Petroleum Products |
| VAT | Value Added Tax |
In the second quarter of 2023, global economic activity is marked by the decline in manufacturing production and the continued tightening of monetary and financial conditions.
In the group of advanced countries, and according to the OECD, GDP growth in the second quarter was 0.5%, after 0.4% in the previous quarter. In the United States, growth remained almost stable (0.6% after 0.5%). In the euro zone, it improved (0.3% after 0.0%).
In the group of emerging countries, we also record a slowdown in economic activity. This trend is common to almost all the economies in this group. Indeed, in China, economic growth in the second quarter slowed to 0.8% after 2.2% in the first quarter, in line with weak domestic demand. Growth also slowed in India (1.9% after 2.1%) and Brazil (0.9% after 1.8%). Conversely, growth accelerated in South Africa (0.6% after 0.4%) and remained at 0.8% in Mexico.
Over the year 2023 and according to the IMF (July 2023), global growth should be at 3%, after to 3.5% last year.
For advanced countries, the slowdown in growth forecast for 2023 remained notable with a rate that would drop from 2.7% in 2022 to 1.5%. In the United States, growth is expected to slow to 1.8% in 2023 after 2.1% in 2022. In the euro zone, growth is expected to slow to 0.9% after 3.5%. In Japan, GDP is expected to grow by 1.4% in 2023 after to 1% the previous year.