CEMAC bloc 2016 growth forecast revised down to 1%

The Bank of Central African States (BEAC) has revised down the economic growth of the CEMAC region this year to 1 percent.

The six nation CEMAC zone has been facing an economic slowdown during the last three years following a sharp drop in oil prices.

The zone recorded a growth of 1.6 percent in 2015 and BEAC had earlier forecast the economies in the region to expand by 1.7 percent in 2016.

The International Monetary Fund (IMF) had in August projected a 1.9 percent growth in 2016 but said that from 2017 onward it was expected to reach 3.5 percent a year, as oil prices gradually recover.

BEAC Governor Lucas Abaga Nchama has in the past advocated for CEMAC countries to diversify their economies to reduce their reliance on oil.

The resource-rich zone includes Cameroon, Gabon, Equatorial Guinea, Chad, Congo Republic and Central African Republic.