NCE_V2016-1T2024 - ENG.qxp_Mise en page 1 20/07/2024 13:40 Page
MINISTRY OF FINANCE SECRETARIAT GENERAL DEPARTMENT OF FORECASTS
REPUBLIC OF CAMEROON Peace-Work-Fatherland
# FIRST QUARTER 2024 ECONOMIC OUTLOOK BULLETIN
NCE_V2016-1T2024 - ENG.qxp_Mise en page 1 20/07/2024 13:40 Page
NCE_V2016-1T2024 - ENG.qxp_Mise en page 1 20/07/2024 13:40 Page
Economic Outlook Bulletin
No. 55 July 2024
# TABLE OF CONTENTS
ACRONYMS AND ABBREVIATIONS ...5 OVERVIEW ...6 INTERNATIONAL ECONOMIC ENVIRONMENT ...9 REAL SECTOR ...13 EXTERNAL SECTOR ...22 PUBLIC FINANCES ...26 MONETARY SITUATION ...31 EDITORIAL COMMITTEE ...35
NCE_V2016-1T2024 - ENG.qxp_Mise en page 1 20/07/2024 13:40 Page
NCE_V2016-1T2024 - ENG.qxp_Mise en page 1 20/07/2024 13:40 Page Economic Outlook Bulletin No. 55 July 2024
# Acronyms and Abbreviations
BEAC: Bank of Central African States CEMAC: Economic and Monetary Community of Central Africa HPSF: Hydrocarbons Prices Stabilisation Fund DF: Division of Forecasts DGD: Directorate General of Customs IMF: International Monetary Fund IS: Corporate Income Tax EP: English Pound MINFI: Ministry of Finance GDP: Gross Domestic Product NTP: Net Treasury Position NGP: Net Government Position OECD: Organisation for Economic Cooperation and Development NHC: Cameroon's National Oil Refining Company STPP: Special Tax on Petroleum Products VAT: Value Added Tax (VAT)
NCE_V2016-1T2024 - ENG.qxp_Mise en page 1 20/07/2024 13:40 Page
Economic Outlook Bulletin
No. 55 July 2024
# OVERVIEW
International economic environment
In the first quarter of 2024, global economic activity is marked by the continued surge in prices resulting from geopolitical tensions (particularly in the Middle East and Ukraine); the raising of key interest rates by central banks to combat inflation; the stagnation of the property market in China and its repercussions on other sectors of activity.
According to the OECD, in the group of advanced countries, economic growth stood at 0.3%, after 0.4% in the previous quarter. In emerging and developing countries, economic conditions were marked by contrasting trends in GDP growth.
For the year 2024 as a whole, the IMF estimates global growth at 3.2%, as in 2023. In developed countries, growth should accelerate to 2.7% in 2024 after 1.6% in 2023. In the United States, growth is expected to stand at 2.7% after 2.5% in 2023; in the Eurozone, 0.8% after 0.4%; in the United Kingdom, 0.5% after 0.1%; and in Japan, 0.9% after +1.9%.
In the group for emerging and developing countries, growth should decelerate to 4.2% after 4.3% in 2023. In the main economies of the group, growth should be 4.6% after 4.3% in China, and 6.8% after 7.8% in India.
In sub-Saharan Africa, growth should accelerate to 3.8% after 3.4% in 2023, driven by Nigeria (+3.3% after +2.9%) and South Africa (+0.9% after +0.6%). In the CEMAC zone, growth is expected to be 3.1% in 2024, after 3.4% in 2023.