Ailing Biya projects economy to grow 4.4 percent in 2022 ⁰

Cameroon’s economy is predicted to grow by 4.4 percent next year while economic activity this year will rebound to 3.4 percent compared with 0.7 percent in 2020, according to the country’s President Paul Biya.

In 2022, based on the assumption that the pandemic will be brought under control and economies will open up, coupled with the fallout from the stimulus measures, Cameroon’s economy is projected to grow by 4.4 percent, with 4.7 percent for the non-oil sector and -1.8 percent for the oil sector. Inflation is expected to be contained at 2 percent, below the community threshold of 3 percent, Biya said in a document addressed to government officials.

The document also outlined the country’s proposed budget for the fiscal year 2022, providing insight into top priorities for the Central African nation.

The post COVID-19 recovery plan aims to ensure the structural transformation of Cameroon’s economy with particular emphasis on the continuation of the import-substitution policy required to strengthen the resilience of the economy, Biya said in the document that was made public on Tuesday.

“Specifically, special emphasis will be placed on finalization and commissioning of major first-generation projects, strengthening of social cohesion and decentralization, reconstruction of crisis-affected regions, particularly the Northwest, Southwest and Far North, organization of the Africa Cup of Nations and continued implementation of Universal Health Coverage,” Biya said.

The fight against security threats with a view to sustainably overcoming the pertinent challenges facing the country will be strengthened, according to the document.

Source: Xinhuanet