• Inside Labour

    Without radical policy change SA's social fabric will continue to fray, says Terry Bell.

  • Long live your gadget

    Real gadget protection tends to cost real money, writes Arthur Goldstuck.

  • Taking SA for a ride

    The ANC seems to think all South Africans are idiots, says Mzwandile Jacks.

Data provided by iNet BFA
Loading...
See More

Cameroon's economy grows 5%

Jan 29 2013 07:50 Reuters
cameroon

(Shutterstock)

Related Articles

Cameroon jails ex-minister for jet graft

Nigeria president wants land back

Cameroon: Missing Olympians 'threatened'

7 Cameroon Olympians reported missing

Foreigners target Cameroon elephants

Cameroon's Biya marks 30 years in power

 

Yaounde - Cameroon's economy grew by around 5% last year, up from the 4.1% growth it showed in 2011, but under-investment in social safety nets contributed to worsening poverty, the World Bank said on Monday.

An oil producer and the world's fifth-largest cocoa grower, Cameroon's economy, though Central Africa's largest, is also one of its slowest growing. It had initially targeted growth of 5.5% in 2012 after increasing budget spending.

While agriculture, construction and a rise in oil production propelled growth, the Bank said there was little evidence indicating an improvement in the lives of the country's population.

"Poverty in Cameroon has not declined, and instead has increased in the poorest areas. Food security is also a problem in these areas," the Bank said in an update released by its country office in Cameroon.

The Bank said social safety nets, including cash transfer, school feeding, and public works programmes, were poorly designed and under-funded.

"The most recent data show that Cameroon allocates 0.2% of its GDP to social safety nets - one of the lowest percentages in Africa," said Raju Jan Singh, World Bank's Lead Economist for Central Africa.

Cameroon is one of Africa's oldest oil exporters. But despite last year's increase in output, production has slipped steadily since the mid-1980s as offshore fields fall into decline, putting at risk one of its main revenue generators.

Exploitation of rich mineral reserves have also been held back by a power deficit.

Cameroon's GDP growth is expected to reach 4.7% in 2013, according to a Reuters poll published in October.

Follow Fin24 on Twitter, Facebook, Google+ and Pinterest.

world bank  |  cameroon  |  poverty  |  gdp
NEXT ON FIN24X

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Add your comment
Comment 0 characters remaining
 

Company Snapshot

We're talking about:

Small Business

“Hippie sense makes business sense,” an entrepreneur said, adding that "purpose" was core to success.
 

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...
Loading...