REPORT ON THE ENTIRE INSURANCE MARKETS OF CIMA FINANCIAL YEAR 2005 International economic activity was characterized in 2005 by sustained growth 4.3%, down slightly from 2004 when the rate was 5.1%. This decline seems mainly linked to the rise in oil prices, the tightening of monetary policy in the United States, as well as the significant drop in investment in certain developed countries. The slowdown in economic growth has affected all regions. In the OECD countries, growth stood at 2.5% in 2005 compared to 3.3% in 2004. In the United States, it was 3.5% against 4.2% in 2004 while in Europe, it stood at 1.2% compared to 2% in 2004. In France, growth in Gross Domestic Product (GDP) slowed down to 1.5% from 2% in 2004. Only the Chinese economy, stimulated by a strong contribution from the external sector, but also by domestic demand, recorded a growth spurt of 9.9%. In Africa, growth remained at an appreciable level (4.5%), although slightly down compared to 2004 (5.1%). Africa’s performance has been particularly limited by the relatively low prices of agricultural raw materials (especially cotton), the persistence of socio-political unrest and poor harvests in some countries of eastern and southern Africa, even if some countries Oil exporters were able to take advantage of the surges in crude oil prices. For their part, the African countries members of the Franc Zone recorded a slight slowdown in their growth rate overall, 4% against 4.9% in 2004. This situation is due both to the acceleration of growth in Africa by the West and a relative deceleration in Central Africa. In fact, the macroeconomic situation of CEMAC member countries in 2005 was marked by a noticeable slowdown in growth, which stood at 4% compared to 6.9% in 2004. Despite the improvement in the terms of trade and the good performance of oil prices as well than other basic products (wood and coffee), this slowdown is linked to the drop in oil production in the sub-region. With regard to the WAEMU zone, the macroeconomic situation was characterized by an improvement in its growth which went from 2.8% in 2004 to 4.1% in 2005 due to the abundance of harvests linked to good rainfall, increased agricultural production and gold as well as dynamic investments. And this, despite the geopolitical uncertainties in certain countries (Ivory Coast and Togo) and the persistence of external shocks, in particular the high price of oil and the low prices of exported raw materials.
