Cameroon Facts and Figures

Cameroon, located in Central Africa, shares borders with Nigeria to the west, Chad to the northeast, the Central African Republic to the east, and Equatorial Guinea, Gabon, and the Republic of the Congo to the south. It boasts diverse landscapes and is known for cities like Yaoundé, the capital, and Douala, its largest city and economic center. Cameroon became a member of the Commonwealth of Nations in 1995, highlighting its ties to the global community of nations formerly part of the British Empire. This affiliation has contributed to Cameroon's cultural and economic exchanges on an international scale.

Historical and Political Evolution
Cameroon's history has been shaped by pivotal events, none more significant than its post-colonial trajectory following independence from France and the United Kingdom in 1960 and 1961, respectively. The reunification of English-speaking Southern Cameroons with the French-speaking Republic in 1961 aimed to forge a unified national identity amidst linguistic and cultural diversity. One of the most transformative events was the shift to multiparty democracy in the early 1990s, which marked a significant political evolution. This period of change paved the way for economic reforms and bolstered Cameroon's regional influence. Cameroon's journey has been greatly impacted by the economic reforms of the 1980s and 1990s, aimed at liberalizing its economy and encouraging foreign investment. These reforms, coupled with strategic infrastructure developments, have positioned Cameroon as a key player in Central Africa's economy.

Demographic Snapshot
Cameroon, with a population of 28.6 million in 2023 and a population density of 58 people per square kilometer (as of 2021), maintains a predominantly youthful population. The working-age population constitutes 55.1%, emphasizing potential economic productivity. The median age of 18 years indicates a demographic skewed towards youth, influencing education and employment policies. Life expectancy stands at 61 years (in 2022), highlighting healthcare challenges and improvements needed. With a population growth rate of 2.6% and a total fertility rate of 4.4, Cameroon faces demographic pressures amidst efforts to enhance healthcare and family planning services. The crude death rate is 8.2 per 1,000 persons, and the infant mortality rate is 47 per 1,000 live births, reflecting health disparities and infant care needs. Urbanization continues to rise at 59.3% (in 2023), reshaping social and economic landscapes.

Economic Overview
Cameroon's economy, with a GDP of $47.95 billion in 2023, ranks 93rd globally. The GDP growth rate of 4.0% in 2023 signals moderate economic expansion amidst global challenges. Inflation rates have fluctuated, with projections at 7.2% in 2023 and 5.9% in 2024, impacting consumer purchasing power. Trade dynamics reveal a trade balance decifit of $4.6 billion, with $9 billion in imports and $4.4 billion in exports in 2023, influencing the economy's external balance. Unemployment, standing at 6.1% in 2021, highlights ongoing labor market challenges. The economy structure is diversified: agriculture contributes 17% to GDP, while the industry and manufacturing sectors constitute 26.3% and 13% respectively, with services dominating at 50% in 2022. Conducting market research in Cameroon is essential for businesses aiming to navigate these economic nuances and capitalize on emerging opportunities in this country.

Fiscal Landscape
Cameroon's net ODA received amounted to 2.7% of Gross National Income (GNI) in 2022, underlining international financial support for development initiatives. The country recorded a deficit in net lending equivalent to -0.65% of GDP in 2023, a slight improvement from -1.11% in 2022. Central government debt rose to 41.30% of GDP in 2022 from 14.87% in 2012, indicating significant fiscal commitments.

Defense Overview
Cameroon's military comprises approximately 14,000 personnel as of 2016, representing 0.06% of the total population and indicating a moderate defense force size. The country allocated 0.9% of its GDP to military spending in 2022, down from 1% in 2021, reflecting adjusted budgetary priorities amid economic conditions.

Conclusion
Cameroon's evolving economy and digital adoption, coupled with its demographic dynamics and military expenditure, present unique opportunities and challenges. By collaborating with a market research agency in Cameroon, businesses can navigate regulatory environments, capitalize on emerging trends, and position themselves strategically in Cameroon's dynamic market.