Rwanda’s economy is primed for take off

The revelation by the Minister of Finance and Economic Planning, Amb Claver Gatete, that Rwanda’s economy grew by eight percent is extremely heartening. According to the official, the booming service industry that grew by an impressive twelve percent and contributed about 45 percent of GDP (Gross Domestic Product), helped said GDP from Rwf 3, 814 billion in 2011 to Rwf 4,363 billion in 2012.

The revelation by the Minister of Finance and Economic Planning, Amb Claver Gatete, that Rwanda’s economy grew by eight percent is extremely heartening. According to the official, the booming service industry that grew by an impressive twelve percent and contributed about 45 percent of GDP (Gross Domestic Product), helped said GDP from Rwf 3, 814 billion in 2011 to Rwf 4,363 billion in 2012.

These statistics are even more impressive when one realises just how sluggish the global economy has been with the Eurozone crisis, poor US growth figures and a decelerating Chinese economy.

Throw in the fact that it was during this period that misguided development partners cut off aid, either in direct budgetary support like the United Kingdom or sector support like the Netherlands, and one realises just how stable the Rwandan economy has become.

This fiscal stability has not been a fluke.  First of all,it has been a result of prudent management of the economy by the Central Bank and the Ministry of Finance and Economic Planning. Secondly, it has been a result of investment in infrastructure. But most important of all, it has been a result of the hard work Rwandans, both in the private and public sectors, have put in.

It is not enough to sit on our laurels and take for granted these impressive statistics. Our economy is primed for takeoff but the ignition keys are in our hands. We have done the hard bit. Now is the time to work even harder.

Subscribe to The New Times E-Paper


You want to chat directly with us? Send us a message on WhatsApp at +250 788 310 999    

 

Follow The New Times on Google News