International organization participation: ACCT, ACP, AfDB, BDEAC,
CCC, CEEAC, ECA, FAO, FZ, G-19, G-77, IAEA, IBRD, ICAO, ICC, ICFTU,
ICRM, IDA, IDB, IFAD, IFC, IFRCS, ILO, IMF, IMO, Inmarsat, Intelsat,
Interpol, IOC, ITU, NAM, OAU, OIC, PCA, UDEAC, UN, UNCTAD, UNESCO,
UNIDO, UPU, WCL, WFTU, WHO, WIPO, WMO, WToO, WTrO
Diplomatic representation in US: chief of mission: Ambassador Jerome MENDOUGA chancery: 2349 Massachusetts Avenue NW, Washington, DC 20008 telephone: [1] (202) 265-8790 through 8794
US diplomatic representation: chief of mission: Ambassador Charles H. TWINING embassy: Rue Nachtigal, Yaounde mailing address: B. P. 817, Yaounde telephone: [237] 23-40-14, 23-05-12 FAX: [237] 23-07-53
Flag: three equal vertical bands of green (hoist side), red, and yellow with a yellow five-pointed star centered in the red band; uses the popular pan-African colors of Ethiopia
Economy ———-
Economic overview: Because of its offshore oil resources and favorable agricultural conditions, Cameroon has one of the best-endowed, most diversified primary commodity economies in sub-Saharan Africa. Still, it faces many of the serious problems facing other underdeveloped countries, such as political instability, a top-heavy civil service, and a generally unfavorable climate for business enterprise. The development of the oil sector led to rapid economic growth between 1970 and 1985. Growth came to an abrupt halt in 1986, precipitated by steep declines in the prices of major exports: coffee, cocoa, and petroleum. Export earnings were cut by almost one-third, and inefficiencies in fiscal management were exposed. In 1990-93, with support from the IMF and World Bank, the government began to introduce reforms designed to spur business investment, increase efficiency in agriculture, and recapitalize the nation's banks. Political instability, following suspect elections in 1992, brought IMF/WB structural adjustment to a halt; currently Cameroon receives only minimal assistance from those Bretton Woods institutions. Although the 50% devaluation of the currency of 12 January 1994 improved the potential for export growth, mismanagement remains the main barrier to economic improvement. The devaluation led to a spurt in inflation, to 48% in 1994, but inflation moderated in 1995. Progress toward privatization of remaining state industry remains slow.
GDP: purchasing power parity - $16.5 billion (1995 est.)
GDP real growth rate: 1.8% (1995 est.)
GDP per capita: $1,200 (1995 est.)
GDP composition by sector: agriculture: 29% industry: 24% services: 47% (1994 est.)