Cameroon economic growth slows to 4.7 pct in 2013 -IMF

YAOUNDE (Reuters) - Cameroon's economic growth is projected to slow to 4.7 percent in 2013, the International Monetary Fund (IMF) said, urging the country to address structural problems if it wants to meet its long-term targets. The government wants the economy to achieve emerging market status over the next two decades, putting it on par with countries such as Mexico or Malaysia. Cameroon is an oil producer in the Gulf of Guinea and the world's fifth largest cocoa producer. It also acts as the Central African region's bread basket, supplying food to Chad, Congo Republic, Gabon and Central African Republic. "The 4.7 percent growth rate for Cameroon this year, down from a government projection of 6.1 percent, is not sufficient to meet the government development objectives," IMF representative Boriana Yontcheva said in a report at the weekend. The 4.7 percent growth figure is slightly down from an earlier IMF forecast of 4.8 percent this year. Finance Minister Alamine Ousmane Mey said last week that the government had revised its 2013 growth forecast down to 4.8 percent from 5.5 percent due to a decline in public investments and power cuts. The IMF report said Cameroon's growth was underperforming the Sub-Saharan African region where it was projecting 5 percent economic growth this year and 6 percent in 2014. An IMF survey showed that Cameroon's present economic performance would lead to a 5.4 percent growth rate in 2020, far below a government projection of 10.2 percent. Cameroon's growth rate could increase with structural reforms, Yontcheva said, adding that spending on energy subsidies, about 3 percent of GDP, was relatively high.