Abstract
Classical economists were of the view that development is a convoluted process and as such countries can only achieve development through a linear path consisting of five stages. Going by this philosophy, the country under the New Deal Government of Cameroon, by its status is between the traditional stage (stage 1) and the pre-conditions to take-off stage (stage 2). Admitting all efforts are put in place as drivers for take-off stage (emergence or stage 3), it becomes imperative to evaluate the sustainability of this economic emergence. Thus, sustainability drivers such as real gross domestic product per capita, availability of quality agricultural land, energy supply, population growth, enrolment into higher education, foreign direct investments and gross domestic capital formation are evaluated to account for the feasibility of Cameroon’s emergence comes 2035. Based on time series data from 1960 to 2017 inclusive on the above listed variables, and using the Structural Vector-Auto Regressive (SVAR) models, the findings yield some useful policy guides. Subject to pre and post-tests of estimation, forecasting was guaranteed up to 58years outside the data set. With a justified 70.2 percent simulation results, the findings reveal that total natural resources rents can actually pave the way for sustainable growth and development in Cameroon by2035 and beyond. The true direction therefore reveals that, in addition to proper management of the available total natural resource rents, reasonable portion of government expenditure and returns on foreign direct investment should be directed to agricultural research, investment in education especially in science, and technology, engineering and mathematics (STEM) and innovation, rents conservation, infrastructural development, energy supply, population growth and the trade-off of leisure in favour of work. These among others are the gate-ways for sustainable growth, development and hence the emergence of Cameroon in 2035. Keywords: Natural Resources; Rents; Economic Emergence; Real Gross Product Per Capital; Energy Supply; Agricultural Land; Foreign Direct Investment; Gross Domestic Capital Formation and Sustainable Development
Highlights
The relevance of natural resources endowment in world development in general and developing countries in particular cannot be overemphasized
Energy mostly from hydropower systems. This The gross domestic capita find favour in this study study hereby reveals that gross domestic product with the two year lag of available agricultural per capita, current and past values, foreign direct land,current and previous year energy supply, investment, current and past values, and student’s current and previous years foreign direct enrolment at the tertiary educational level investment, present and previous years tertiary positively and significantly enhance energy supply. educational investments, total natural resources
Summary and Concluding Remarks Since real gross domestic product per capita growth used as proxy for measuring economic emergence has been unfolded, it is certain that the strategies enhancing growth-led sustainable development in Cameroon must operate on many fronts
Summary
The relevance of natural resources endowment in world development in general and developing countries in particular cannot be overemphasized This explains why occupants of the natural resource endowed areas depend on around the exploitation and the utilization of these resources in agriculture, mining, industrialization, extraction and manufacturing. These resources have contributed significantly both positively and negatively to the economic growth and development of these economies. The reliance on external resources has drastically dropped in favour of natural resources in most of the LDCs. With this, it is observed that foreign resources have helped, but could not deliver and sustained the economic emergence of some of the countries in Africa and beyond. The unanswered question is, can it be possible for such countries to sustain their emergence (NEPAD, 2013)? While some views are for, others claim that higher energy prices, inadequate quality land, inadequate investment on education, inadequate women empowerment, poor innovation and bad governance account for the deficiencies(NEPAD, 2013)
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