Rwanda has made remarkable progress in its economic growth and development over the past two decades. Since 2000— the country’s GDP has grown at an impressive average annual rate of 7.8%, reflecting broad-based growth across key sectors of the economy. This sustained high growth has been instrumental in raising living standards, reducing poverty, and promoting shared economic prosperity.
Specifically, Rwanda’s concerted development efforts have led to substantial improvements on multiple socioeconomic fronts – the percentage of population living below the national poverty line declined from 77.8% in 1994 to 55.5% in 2017. Significant investments in— education, healthcare and public infrastructure have also helped improve basic amenities for citizens. Rwanda’s development model has thus set an example for other African peers regarding how visionary leadership and good governance can create an enabling environment for equitable and sustainable growth.
Going forward— Rwanda aims to become an upper-middle income economy by 2035 and high-income country by 2050. To achieve these goals, the government has identified priority sectors that can catalyze growth in the coming years. These include further expanding services in— agriculture, manufacturing, construction, mining, tourism, ICT as well as logistics and transportation. Attracting foreign investment and nurturing local entrepreneurship will also be key. Rwanda’s political stability, secure business environment, and strategic location provide a strong foundation.
Rwanda’s economic development has led to notable improvements in living standards, reduced poverty and lower inequality. The percentage of Rwandans living below the poverty line declined from 77.8% in 1994 to 55.5% in 2017.