Recently released statistics from the Groupement inter-patronal du Cameroun (Gicam), Cameroon's main private-sector association, indicate that GDP growth in 2010 fell below the government's projections. According to Gicam the economy grew by 2.6% in 2010; the IMF also estimated economic growth of 2.6% in its November regional overview. This is below the forecast that the government used in the 2010 budget, of 3.9%, and its forecast after the first quarter, of 3.7% (April 2010, Economic performance). Moreover, the latest estimates are well below the government's objective of 5.5% average growth between 2010 and 2020.
Both the chairman of Gicam and the finance minister, Lazare Essimi Menye, largely blamed the poor economic performance on the fall in oil production. Mr Menye also highlighted gaps in domestic spending due to the payment of arrears (September 2010, Economic policy), while the Gicam chairman emphasised the country's increasing dependence on agricultural imports and the poor business environment, particularly lamenting procedures for cross-border trade and lengthy tax procedures (November & December 2010, Economic performance). These poor growth figures will add even greater urgency to the government's investment plans.