President Paul Biya, has just set the Government a target for an Average growth rate of 6.3% of the real gross domestic product (GDP) of the country between 2015 and 2017.
In a circular on the preparation for the State budget of the coming year, he also indicated that the rate of price inflation, rated at 2.4% in 2012 and 2.1% last year, should not exceed the community standard of 3% thanks to actions from the public authorities towards the fight against high cost of living.
Thus economic activity, primarily driven by the oil sector, should be marked by a growth rate of 6% in 2014 against 5.5% year last and 4.6 percent in 2012.
In this perspective, the head of the State, for 2015, tabled an assumption for a growth rate of 6% of GDP, an inflation rate of 3%, a deficit of the budget balance (excluding grants) of 3% of GDP and a deficit in the current account of approximately 2.2% of GDP.
The improvement of the macroeconomic framework, he says, will be continued with in a focal point for the maintenance of the rate of inflation below 3%. Spending on goods and services, for their part, are called to be "reduced to needs strictly necessary for the proper functioning of the administrations.
However, Paul Biya, based on the forecasts of the international monetary Fund (IMF), indicates that the terms of trade are expected to remain unfavourable to Cameroon until 2017.
