World Markets

IMF revises up Rwanda 2019 growth forecast to 8.5%

The IMF on Wednesday revised up its growth forecast for Rwanda this year to 8.5%, from its previous projection of 7.8%, crediting strong growth in the first half of the year and new public and private investments in construction.

KIGALI, Nov 13 (Reuters) - The IMF on Wednesday revised up its growth forecast for Rwanda this year to 8.5%, from its previous projection of 7.8%, crediting strong growth in the first half of the year and new public and private investments in construction.

The small east African nation's economy grew at more than 10% in the first half of 2019, said the International Monetary Fund's Laure Redifer, speaking at a news conference at the end of a two-week mission she led.

"All the leading indications show a continued growth," she said. Citing "big construction projects", increased private borrowing and increased activity in the tourism and transport sectors, she said: "It's a mix of a lot of things."

Tourism revenues were $380 million in 2018 and the government projects revenues of $405 million this year, the chief economist of Rwanda's central bank, Thomas Kigabo, said at the news conference.

President Paul Kagame, in office since 2000, has won international praise for overseeing a peaceful and rapid economic recovery of the country since the 1994 genocide, when an estimated 800,000 people were killed. Critics say this growth has come at the expense of civil liberties.

(Reporting by Clement Uwiringiyimana; Editing by Maggie Fick and Alex Richardson)

((maggie.fick@thomsonreuters.com; +254 798 985 128;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Other Topics

Commodities

Latest Markets Videos

Reuters

Reuters, the news and media division of Thomson Reuters, is the world’s largest international multimedia news provider reaching more than one billion people every day. Reuters provides trusted business, financial, national, and international news to professionals via Thomson Reuters desktops, the world's media organizations, and directly to consumers at Reuters.com and via Reuters TV.

Learn More