Notwithstanding the secular decline in real GDP experienced during the period 1987-93, the Cameroonian economy remains one of the largest in the CFA franc zone, with a GDP of about $9 billion in 1996. Compared with other sub-sharan African countries, Cameroon has one of the most diversified production and resource bases, as it produces and exports a broad range of commodities. Cameroon is a net oil exporter; oil production, although declinging steadily since 1986, still amounted to 37 million metric tons in 1996 and represented 8% of GDP. Nevertheless, agriculture has remained the mainstay of the economy and employs over 70% of the labor force. The recent history of cameroon’s economic and social development is characterized by two sharply diverging periods in economic performance. Most of the period from independence in 1960 to 1986 was characterized by fiscal balance, a rising investment-GDP ratio, rising human capital stock, and expanding real GDP. In contrast, the period 1987-93 was marked by declining terms of trade, deteriorating external competitiveness, a declining investment –GDP ratio, stagnating or declining human capital stock, rising fiscal imbalances, and shrinking output.
Since independence, private investment is creating employment, improving infrastructure and improving living standards of Cameroonians. Cameroon being a developing country with low income rates, unemployment, poverty, and under exploitation of natural resources, is a clear prove that the government incapable of meeting or giving Cameroon a favorable economic growth. This incapability of the government to give...
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