Central African Economies Contract
Central African Economies Contract

Central African Economies Contract

Central African Economies Contract

Central Africa’s CEMAC bloc is expected by the International Monetary Fund to have suffered a 0.6% economic contraction in 2017, an improvement on last year’s 1% but well below an earlier forecast of 0.7% growth, Reuters reported. The oil-producing zone—comprising Cameroon, Gabon, Equatorial Guinea, Chad, Congo Republic and Central African Republic—has been hit by a slump in crude prices since 2014 and by cutbacks in public spending. The IMF said in a statement late on Monday that it had revised up the public debt-to-GDP ratio for the region to over 50% as of the end of 2016. The ratio stood at 28% at the end of 2014. Several Central African Economic and Monetary Community, or CEMAC, countries receive financial assistance from the IMF, and Congo Republic is currently in negotiations for a bailout after its public or publicly guaranteed debt spiked this year to 110% of GDP. Two-fifths of Africa’s people are living in economies where per capita GDP is expected to shrink in the coming year, IMF chief Christine Lagarde had warned on December 15.  


Short URL : https://goo.gl/LGPJxp
  1. https://goo.gl/QGQBTX
  • https://goo.gl/JycMZo
  • https://goo.gl/AVgNG2
  • https://goo.gl/G3n6sy
  • https://goo.gl/bgLHQF

You can also read ...

Saudi Arabia Bleeds as Capital Flight Continues
As Saudi Arabia raises the stakes in its dispute with Canada...
Experts Say China Economy Manageable
Recent external pressures, a general global trade malaise...
 Final Nail in Abraaj Coffin
The Abraaj Group has been put through the ringer in past...
Qatar Pledges $15b Investment :      Turkish Lira Weakens 6% on Threat of More US Sanctions
Turkey’s battered lira weakened more than 6% against the...
Europe Should Resist Illegal US Penalties
European countries should take effective steps to counter US...
Australia Drought Could Cost $12 Billion
The Reserve Bank of Australia and a new report have warned of...
Indonesia Sets Moderate Growth Goals
Amid rising external pressures, Indonesia’s economy is...
 Crypto Scams on the Rise in UK
Crypto currency scams are using images of celebrities and...

Add new comment

Read our comment policy before posting your viewpoints