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The GDP growth rate in the context of the World Development Indicators (WDI) refers to the annual percentage increase or decrease in a country's Gross Domestic Product (GDP), adjusted for inflation. The WDI is a comprehensive database maintained by the World Bank that tracks various economic, social, and environmental development indicators across the globe.
Key Takeaways
Cameroon's GDP growth rate from 1961 to 2023 reveals significant fluctuations influenced by a variety of internal and external factors. The economy experienced early instability, highlighted by a drastic decline of -10.9% in 1967. However, it rebounded to a peak growth rate of 22.0% in 1978, marking a period of robust economic activity. The following decades saw continued volatility, with the 1980s and 1990s characterized by structural adjustments and external shocks that impacted growth.
In the 2010s, the country recorded 5.7% growth in 2015, but faced a contraction of 0.3% in 2020 due to the COVID-19 pandemic. Nevertheless, the economy showed resilience, rebounding with 3.3% growth in 2021. More recently, the growth trajectory has continued to improve, with rates of 3.6% in 2022 and 4.0% in 2023. This recent recovery suggests potential opportunities for economic expansion, particularly with ongoing investments in infrastructure and efforts to diversify the economy. The interplay of external factors, such as global commodity prices, alongside internal dynamics like political stability and economic reforms, will be crucial for sustaining growth in the coming years.
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