CEMAC Economies : Economic Development under Review
This was during the third ordinary session of the Monetary PoCommittee that took place in Douala on September 25, 2023.
Members of the Monetary Policy Committee (CPM) of the Bank of Central African States, BEAC met in Doula on September 25 to examine recent developments in the economic situation as well as the macroeconomic outlook both at the sub regional and international levels. The meeting that was chaired by the Governor of BEAC, Abbas Mahamat Tolli, was also aimed at examining the economy and making necessary adjustments where possible. A press release issued at the end of the meeting indicated that at the international level, global economic activity is expected to slow due to the poor performance of the manufacturing sector in advanced economies, the weakness of the real estate sector in China, and the tightening of monetary conditions in most advanced and emerging economies.
At the sub-regional level, the release stated that the macroeconomic and financial outlook is marked by the following; economic growth which would fall from 2.8% in 2022 to 2.5% in 2023 burdened mainly by a greater decline in oil activity (-1.3% in 2023, compared to -0.7% in 2022). Inflationary tensions would remain high around 5.7% on an annual average in 2023, but falling from the third quarter of the year, a surplus in the budget balance, excluding donations, down from 2.4% of GDP in 2022 to 1.7% of GDP in 2023, and a deterioration in that of the current account, including official donations, which would amount to 0.5% of GDP in 2023 after 5.7% in 2...