It's definitely too young to be a parent!
Good parenting is one of the most difficult things you can do if you want to raise a great human being. You have to put aside your own needs and desires for the sake of the child. A 16-year-old will have a very difficult time doing this because they are really still a child.
A 16-year-old usually has poor financial resources and this is very difficult to deal with. They often have a poor social support system as well.
Teenagers should finish growing up before they have a child.