Page 34 - Atouts Economiques Cameroun-2019-GB
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With regard to the balance of payments, the ove- rall balance shows a deficit of 824.5 billion, after a surplus of 483 billion in 2015. The cur- rent account deficit decreases by 80.9 billion and stands at 613 billion (3, 2% of GDP). This trend is the result of a reduction in deficits in goods (-83.6 billion) and services (-52.1 billion), combined with an improvement in the surplus of secondary incomes (+17.8 billion). The overall balances of the “agriculture”, “forestry”, “hydro- carbon” and “transport” fields are surplus. Other sectors (industry, commerce, telecommunications, and financial activities) show deficits.
At bilateral level, balances of bilateral balances are in deficit with China (-306.4 billion), Nigeria (-295.8 billion), France (103.7 billion) and the United States (-20.5 billion). They are in surplus with CEMAC (+690.6 billion) and the European Union (+339.6 billion).
In 2016, the real effective exchange rate (REER) increased by 2.0%, reflecting a deterioration in the level of competitiveness. This change is attri- butable to the 3.4% appreciation of the nominal effective exchange rate (RER). The CFAF appre- ciates against other currencies with the exception of the US dollar. The price differential with major trading partners, notably China and Nigeria, remains in favour of Cameroon. The terms of trade have deteriorated by 20.3% compared to 2015, due to the larger decline in the price of exports relative to that of imports.
The following reforms have been implemented to improve the business climate: reduction of the time required to obtain a building permit; the OHADA conciliation procedure for companies facing financial difficulties; promulgation of the law establishing the minimum capital stock and the procedures for using the services of the notary within a context of the creation of a limi- ted liability company.
Regarding structural competitiveness, Cameroon is 119th out of 138 countries (down 5 places), according to the 2017 report of the World Economic Forum. The decline is attributable to the quality of infrastructure (131st rank), the qua- lity of higher education and training (105th rank). On the set of indicators, it ranks 20th in Africa and 2nd in the CEMAC area.
In the Doing Business 2018, Cameroon wins three places, moving from 166th to 163rd worldwide. This improvement is attributable to the indicators concerning the creation of a busi- ness and obtaining credits. Indeed, the proce- dures for starting a business are made more flexible, in particular by reducing the minimum capital. In terms of the ease of obtaining cre- dits, it has resulted in the establishment of a national bank register of companies, and a cen- tral incident payments.
The eighth session of the Cameroon Business Forum, held in 2017, identified 23 reforms to be implemen- ted in 2017, notably in the following areas: busi- ness creation, access to property, access to credit, payment of taxes and cross-border trade.
The tertiary has reached a 4.5% growth this year thanks to the vitality in the communications sector

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