A new report by the African Development Bank (AfDB) has revealed that Rwanda is among the first 11 countries in Africa that are expected to have a stable economy in the next two years.
The African Development Bank Group (AfDB) announced that of the 20 countries with the fastest growing economies, the African continent will account for 11 countries by 2024, and will be the second region in the world behind Asia in terms of economic growth at a higher level.
The top 11 countries in Africa in terms of economic performance are: Niger (11.2%), Senegal (8.2%), Libya (7.9%), Rwanda (7.2%), Cote d’Ivoire (6.8%), Ethiopia (6.7%), Benin (6.4%), Djibouti (6.2%), Tanzania (6.1%), Togo (6%), and Uganda have 6%.
Rwanda is one of the 11 countries that will have a stable economy at the world level in the next two years, based on the economic strategy the country has put in place after the COVID-19 epidemic.
The Prime Minister, Dr Edouard Ngirente, recently announced that through the fund I will meet the economy of 459 billion Rwandan francs and the political and financial strategies have shown that the country will continue to develop the economy.
Minister Dr Ngirente said this when he delivered to members of the Parliament both groups the report of the actions taken by the Government in closing the gap of the effects of the Covid-19 epidemic.
Prime Minister Dr. Ngirente pointed out that in the last three years between 2021 and 2023, the economy grew at an average of 8% annually. In 2021, it increased to 10.9%, in 2022 to 8.2%, and the IMF estimates, it appears that in the fourth quarter of 2023, it will increase by 7% compared to 6.2% that was planned.
Ngirente said: “This is the growth of the Gross Domestic Product (GDP) in our country due to increased productivity in various sectors of the economy, especially the service sector.” In the summary of how the economy will be, it shows that in the five Regions of the African continent we will continue to have a high rate of stable and promising economic development.
East Africa statistics show that it will continue to lead other regions in terms of growth in Africa, where growth is expected to reach 5.1% in 2024 and 5.7% in 2025, mainly due to positive investments within the countries and the improvement of trade between ‘countries in the region.
North Africa, the report shows the economy will grow at a rate of 3.9% in 2024 and 4.1% in 2025. Central Africa is expected to have an economic growth of 3.5% in 2024 and 4.1% in 2025, The region of Southern Africa, the economy is expected to grow at a lower rate in 2024, which will be at 2.2 and 2.6% in 2025. It is while in West Africa that the rate will reach 4 and 4.4% in 2024 and 2025.
The report shows that in all these African regions there is a need to reform the structure and policy of the industry as one of the most important factors in accelerating the economy in various sectors and in conjunction with strengthening the export sector.
It continues to request that countries put effort and invest in activities aimed at helping the people, measures based on industrial development that will help this continent to produce the potential it has chosen to learn and to deal with the times of disaster.
