Higher Growth Pace for Rwanda's Economy Expected in 2024-2025, Finance Minister Says

Although energy and food crises are considered responsible for the global economic downturn, African nations continue to enjoy growing economies. One such to be bucking the gloomy global trend is Rwanda with its economy growing even in the most difficult times of the COVID-19 pandemic.

Rwanda's economy is expected to grow by around 7.5 percent in 2024 and 2025 after a minor decrease in this year's growth compared with 2022, the country's Finance Minister, Uzziel Ndagijimana, said.

Addressing parliament, Ndagijimana forecast an estimated economic growth of 6.2 percent this year, slightly down from the country's economic growth in 2022 of 6.8 percent.

Overall spending for the 2022/2023 fiscal year continuing from July to June will rise by just more than 2 percent to 4.76 trillion Rwandan francs ($4.42Bln) from the 4.66 trillion Rwandan francs announced in June when he first presented the 2022/2023 budget.

However, Rwanda is not the only African nation to see its economy grow.

According to a report from the African Development Bank entitled 'Africa’s Macroeconomic Performance and Outlook', there are 10 more African nations to witness economic growth of more than 5.5 percent in 2023-2024: Ivory Coast (7.1 percent), Benin (6.4 percent), Ethiopia (6.0 percent), Tanzania (5.6 percent), the Democratic Republic of the Congo (6.8 percent), Gambia (6.4 percent), Mozambique (6.5 percent), Niger (9.6 percent), Senegal (9.4 percent) and Togo (6.3 percent).