CEMAC growth dropped to 1.7% in 2023 -World Bank

The Economic and Monetary Community of Central Africa (CEMAC) experienced an economic slowdown in 2023, with growth falling to 1.7% from 3.1% in 2022, according to the semi-annual CEMAC Economic Barometer published by the World Bank on Monday, June 17, 2024. Growth is expected to rebound to 2.5% in 2024. The report revealed that CEMAC’s economic performance lagged behind the West African Economic and Monetary Union (WAEMU) and Sub-Saharan Africa, which recorded growth rates of 3.4% and 2.9%, respectively. The slowdown in CEMAC was mainly due to a recession in Equatorial Guinea, where growth plummeted to -5.8% in 2023. This…