FAX: [237] 23-07-53
branch office(s): Douala
Flag description: 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
Cameroon Economy
Economy - overview: Because of its oil resources and favorable agricultural conditions, Cameroon has one of the best-endowed primary commodity economies in sub-Saharan Africa. Still, it faces many of the serious problems facing other underdeveloped countries, such as a top-heavy civil service and a generally unfavorable climate for business enterprise. Since 1990, the government has embarked on various IMF and World Bank programs designed to spur business investment, increase efficiency in agriculture, improve trade, and recapitalize the nation's banks. In June 2000, the government completed an IMF-sponsored, three-year structural adjustment program; however, the IMF is pressing for more reforms, including increased budget transparency and privatization. Higher oil prices in 2000 helped to offset the country's lower cocoa export revenues. A rebound in the cocoa market should increase growth to over 5% in 2001.
GDP: purchasing power parity - $26 billion (2000 est.)
GDP - real growth rate: 4.4% (2000 est.)
GDP - per capita: purchasing power parity - $1,700 (2000 est.)
GDP - composition by sector: agriculture: 43.4%
industry: 20.1%