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Rwanda’s economic growth to drop to 2% this year, from 9% in 2019 (finance ministry)

Friday, 22 May 2020 13:53
Rwanda’s economic growth to drop to 2% this year, from 9% in 2019 (finance ministry)

(Ecofin Agency) - Rwanda is expecting a crash in its GDP growth this year mainly due to the current coronavirus crisis that affected key sectors. The minister of finance Uzziel Ndagijimana (pictured), says growth is forecasted to be 2% this year, far below the 9.4% achieved last year.

Due to the restriction measures ordered to contain the propagation of the virus, Rwanda’s main income sources (tourism, hotel and transport) are going through a difficult time. However, the economy can count on positive growth, although down compared to 2019, in agriculture (+3%), industry (+4%), and services (+1%).

According to the government, the country's average growth rate between 2000 and 2018 was 8% with a self-sufficient budget of 84%.  For the fiscal year 2020-21, the government plans to borrow $820.9 million from foreign investors. This funding, coupled with the expected aid from partners (which should represent 15.2% of the budget) will finance a 7.5% increase in planned expenditure in the next fiscal year.

Uzziel Ndagijimana said priority is given to “improving our health system, increasing the productivity of agriculture and livestock farming, and expanding social protection.”

Let’s note that for 2021, growth is again expected to rise to 6.3% and then to 8% in 2022.

Moutiou Adjibi Nourou

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