Economic growth in the six-nation Central African CEMAC bloc is set to double to between 5 and 5.5% this year on the back of increased oil production, the International Monetary Fund said on Thursday.
The CEMAC zone is made up of Cameroon, Central African Republic, Chad, Congo-Brazzaville, Equatorial Guinea and Gabon. Five of them produce oil, which accounts for 36% of the region’s GDP and 87% of total exports.
Inflation is expected to remain below 3%, the statement said.
The medium-term outlook appeared solid due to strong growth in non-oil sectors, but a projected decline in oil production in 2018/19 was expected to bring overall growth down.
A worsening security situation linked to a conflict in Central African Republic and attacks by the Boko Haram Islamist movement in Nigeria could also cut into growth, the IMF said.