CEMAC2023Economic BarometerDecember 2023Macroeconomics, Trade & InvestmentVOL. 5Public Disclosure AuthorizedPublic Disclosure AuthorizedPublic Disclosure AuthorizedPublic Disclosure AuthorizedCameroonChadCentral African RepublicEquatorial GuineaGabonRepublic of CongoCEMAC20231 The CEMAC Economic Barometer was prepared by an MTI team comprising Robert Johann Utz (Lead Economist and Task Team Leader), Djeneba Doumbia (Economist and Task Team Leader), Erick Tjong (Economist and Task Team Leader), Amina Coulibaly (Senior Economist), Vincent Belinga (Senior Economist), Demet Kaya (Senior Economist), Marilyne Youbi (Economist), Pierre Mandon (Economist), Diderot Guy D Estaing Sandjong Tomi (Economist), Sonia Barbara Ondo Ndong (Economist), Ferdinand Owoundi Fouda (Economist), Claudia Noumedem Temgoua (Economist), and Joana Monteiro Da Mota (former ET consultant), under the guidance of Cheick Fantamady Kante (Country Director), Sandeep Mahajan (Practice Manager) and Theo David Thomas (Director), and with the support of Irene Sitienei and Ifeoma Clementina Ikenye (Program Assistants). The report benefited from comments from Clelia Rontoyanni (Program Leader) and James Cust (Senior Economist). The update reflects information available as of October 27, 2023. Please contact Djeneba Doumbia (ddoumbia@worldbank.org) and Erick Tjong (etjong@worldbank.org) for any questions or comments.Macroeconomics, Trade & InvestmentThe CEMAC Economic Barometer is a World Bank publication that presents a snapshot of recent developments in and the economic outlook of the CEMAC region, followed by a brief assessment at the country level. The Economic Barometer also includes a focused technical section on a theme of regional relevance. This edition’s special topic provides policy options for the CEMAC countries to take better advantage of future commodity price booms.VOL. 5Economic Barometer1December 2023SECTION 1—Recent Economic Developments and Outlook in the CEMAC Region3CEMAC Economic Barometer – December 2023 (Vol. 5)SECTION 1 — Recent Economic Developments and Outlook in the CEMAC RegionThe economies in the CEMAC (Communauté Économique et Monétaire de l’Afrique Centrale) region experienced continued recovery in 2022 supported by higher oil prices and improved terms of trade of other export commodities. The CEMAC economy as a whole grew by about 3.0 percent (0.4 percent per capita) on average in 2022. However, growth is expected to decelerate slightly in 2023, with an average growth rate of 2.5 percent (0.0 percent per capita). In 2022, the pace of growth remained uneven across the region, with growth ranging from 3.8 percent for Cameroon to 0.5 percent for the Central African Republic (CAR). Cameroon has been the fastest growing country in CEMAC since 2020, benefitting from the good performance of the agroindustry and service sectors. At the other end of the spectrum, in Equatorial Guinea, fo...
