Rwanda GDP to grow 8% in 2020 -IMF

0
721

KIGALI (Reuters) – Rwanda’s economy is expected to grow by 8% this year and in 2021 versus an estimated 8.5% in 2019, boosted by private investment and trade, the International Monetary Fund (IMF) said.

The small East African nation’s economy relies largely on agriculture, tourism and mining. The government also forecasts it will grow 8.5% in 2019.

It grew 11.9% in third quarter versus 7.7% in the third quarter of 2018, reflecting an improved performance in manufacturing, construction and services.

“Upside risks (to growth) are a continuation of strong private investment, more regional trade, and growth payoffs from large public investment projects,” the IMF said.

Factors that could slow growth include high fuel prices, unpredictable weather and regional issues, the IMF said in a statement late on Friday.

It did not elaborate on those regional issues.

Early last year, Rwanda closed its main border crossing with neighbouring Uganda. It was briefly re-opened to cargo trucks in June but then closed again.

Rwandans were banned from travelling to Uganda, which has accused Rwanda of effectively imposing a trade embargo.

In August, the two countries’ presidents signed a pact agreeing the two sides would respect each other’s sovereignty, refrain from action that destabilises the other’s territory, and resume cross-border activities.

Reporting by Clement Uwiringiyimana; writing by George Obulutsa; editing by Jason Neely

SHARE
Previous articleNigerians are unhappy with Buhari’s govt – Oyegun
Next articleHow do smallholder farmers fit into the big picture of world food production?
Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.