World Bank: Rwanda’s economy forecast to grow 7.2% in 2024

Rwanda's economy is on a trajectory of steady growth, with the World Bank forecasting a 7.2% expansion in 2024. The country has displayed remarkable resilience, with economic growth at 7.6% in the first three quarters of 2023. This growth momentum is attributed to the mobilization of domestic savings, driving private sector growth in Rwanda. CNBC Africa's recent interview with Calvin Djiofack, Senior Economist at the World Bank Rwanda, delved into the key highlights of the economic update, shedding light on the current state of Rwanda's economy and the challenges it faces. Djiofack emphasized the importance of diversification and the role of tourism and services in propelling Rwanda's economic performance. The report highlighted positive developments such as a significant drop in inflation rates and job creation, despite persisting challenges like high levels of unemployment and trade deficits. Djiofack also discussed the impact of external factors like climate change on Rwanda's economy, emphasizing the need to enhance agricultural resilience and explore alternative sources of financing. Looking ahead, Djiofack expressed confidence in the country's economic stability, citing its history of consistent growth over the past two decades. He pointed to ongoing projects in tourism, construction, and manufacturing as drivers of future economic expansion, underpinned by government initiatives to stimulate job creation and investment in key sectors. Rwanda's economic outlook remains positive, with a focus on building resilience and sustainable growth in the face of external challenges.