Rwanda's economy to grow by 8 per cent in 2020, 2021, says IMF

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Rwanda's economy to grow by 8 per cent in 2020, 2021, says IMF

Rwanda, the landlocked East African nation having had one of the fastest-growing economies across the globe, would likely to witness an economic growth of 8 per cent in 2020 alongside 2021, said IMF (International Monetary Fund) late on Sunday (January 19th).

In point of fact, latest IMF forecast of Rwanda’s GDP (Gross Domestic Product) came against the backdrop of an earlier projection made last year when the IMF had forecasted a 8.5 per cent growth for the highly-industrialized East African economy following a rapid boost in private investments alongside trades, partly due to its geographical significance and a developed mining industry.

Aside from that, despite a sharp slowdown risks lurking over the horizon for the global economic growth, the small East African nation, economy of which depends almost entirely on agriculture, mining and tourism, had experienced a surprising rise in GDP growth to 11.9 per cent over the third quarter of 2019, up from a 7.7 per cent growth scored at the same time in 2018.

Meanwhile, adding a higher fuel prices, an unpredictable weather when half of the Central African nations had been met with severe droughts which followed a wave of rampaging storms alongside regional issues, could curb out growth prospects of Rwanda, which had been witnessing an economic boom since early 2000s, IMF said on Sunday (January 19th), “Upside risks (to growth) are a continuation of strong private investment, more regional trade, and growth payoffs from large public investment projects. ”