3.2.5 ECONOMIC BACKGROUND
Cameroon has vast resources, may it be agricultural as well as
mining and petroleum. It has witness an important growth between 1977 and 1985
(more than 10%/year) due to the valorisation of its oil resources and its
agricultural exportations. After an economic crisis period and durable due to
the degradation on general accord on trade (downswing of 44% between 86-89) and
due to the competition with its closest neighbour NIGERIA. Parallely to an
increase of public expenditures the country has engaged since1988 a structural
adjustment program under the supervision of the International Monetary Fund
(IMF). The devaluation of the FCFA in 1994 has enabled an increase in
exportations and stabilization of the economy. Cameroon has benefits from the
HIPC initiative in favour of highly indebted poor countries which has led to an
alleviation of debt in favour of the fight against poverty (in 2001, 40.2% of
the population was under the poverty level). Cameroon has reconciled with
economic growth from the period 1990 till now. The growth rate of the GDP was
2.70%. In 2003 GDP was estimated at 12.49 billions of dollars, and the per
capita GDP was 780 dollars.
(Microsoft Encarta 2006)
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