World Bank names Rwanda among most resilient economies
A new report from the World Bank has named Rwanda among Africa’s most resilient economies.
Rwanda and six other African nations have shown economic resistance in recent years, according to the report, which saw them post annual growth rates above 5.4 percent during the 2015-2017 period.
Africa’s most resilient economies
Rwanda is one of six African nations cited as exhibiting economic resilience over the last two-year period. The other six countries are Côte d’Ivoire, Ethiopia, Kenya, Mali, Senegal and Tanzania.
Strong domestic demand is cited as a key factor in maintaining economic performance, especially when regional or international uncertainties would otherwise put their economies at risk.
“These countries house nearly 27% of the region’s population and account for 13% of the region’s total GDP,” the World Bank said in a press release.
Rwanda’s economy grew by 5.9 percent in 2016, according to figures from the National Institute of Statistics of Rwanda (NISR), which is way above the regional average. However, Sub-Saharan Africa is showing signs of recovery across the board.
Signs of recovery
“The region is showing signs of recovery, and regional growth is projected to reach 2.6% in 2017,” the World Bank says. “However, the recovery remains weak, with growth expected to rise only slightly above population growth, a pace that hampers efforts to boost employment and reduce poverty.”
Nigeria, South Africa, and Angola – Africa’s three largest economies – are experiencing slow recovery after sharp declines in 2016. However, it remains a gradual recovery and results will be mixed for commodity exporters in Africa.
“It will remain subdued for oil exporters, while metal exporters are projected to see a moderate uptick. GDP growth in countries whose economies depend less on extractive commodities should remain robust, underpinned by infrastructure investments, resilient services sectors, and the recovery of agricultural production.”
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