Rwanda’s economic recovery has been astonishing since the horrific genocide of 1994. The East African nation has received positive attention globally for its economic development models and has proven to be a role model within the continent.
In the early 2000s, the Rwandan government stepped up efforts to transform the country by establishing Vision 2020, a social and economic development strategy. Rwanda’s Vision 2020 place emphasis on creating a private sector-led economy, infrastructure and human capital development as well as, engaging with the international community to mention a few.
The country’s efforts have gone unnoticed, the World Bank ranked Rwanda 29th globally in its latest Ease of Doing Business Report. Also, according to the Corruption Perception Index, Rwanda is the third least corrupt country in Africa. In 2018, the Rwanda Development Board (RDB) announced that the country had attracted investments worth over US$ 2 billion across different sectors. Following a recent visit to Rwanda, the IMF concluded that,
“Growth is projected to remain strong in 2019 at 7.8 percent, and over the medium term at around 8 percent. Growth will be bolstered by the government’s continued implementation of its National Strategy for Transformation, which has already resulted in strong investment inflows, diversified exports, and more resilient agriculture.
“Inflation has remained well below the central bank’s targeted inflation range (2-8%), reflecting ample food supplies and low inflationary pressures.”
Although Rwanda is considered a low-income country and around 40% of the population lives below the poverty line, the country’s economic future seems prosperous.