30, March 2023

BEAC forecasts slightly weaker economic growth in 2023 0

Economic growth in the Cemac region is projected at 2.7% this year, the central bank Beac reported on March 27 following its first 2023 monetary policy committee meeting. This shows a slight decline compared to the 2.9% recorded last year.

“Growth in 2023 will mainly be driven by a strong dynamic in the non-oil sector,” the bank said, stressing that the oil and gas sector, which traditionally supports growth, will experience a setback.

Moreover, the central bank expects an improvement in the region’s foreign exchange reserves. According to the CPM’s projections, they should guarantee 4.9 months of imports over the year, compared with only 3.9 months in 2022.

Source: Business in Cameroon