Yaounde - Cameroon's economy is expected to grow by 5 percent in 2014, up from 4.8 percent last year, President Paul Biya said.

A producer of oil and cocoa, the central African state had previously forecast a budget of 3,312 billion CFA francs ($6.89 billion) for this year and a growth rate of 4.8 percent.

“Higher targets have been set for 2014. With the possible increase in the country's growth rate, we hope to create more than 250,000 jobs,” Biya said in a rare public address on state radio and television late on Monday.

The Yaounde government is seeking to achieve emerging market status over the next two decades, putting it on par with countries such as Mexico or Malaysia.

Biya is one of Africa's longest standing rulers, in power since 1982. - Reuters