By
Souleymane Loum
| 6 hours ago
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This is excellent news for Rwanda’s strongman, President Paul Kagame, who was re-elected for a second term last July after a triumphant election (99.15% of the vote). His country, which is among the world’s TOP 20 for the highest growth rates in 2024, confirms its status as a heavyweight. Between January 1 and March 31, 2024, economic growth rose to 9.7%, boosted mainly by soaring household consumption and the investment boom.
Rwanda’s real GDP in the first quarter of 2024 has even exceeded the average growth rate of 8.2% recorded in 2023, the World Bank said in a report published yesterday Tuesday, September 17, 2024.Robust household consumption, reflecting some improvements in the labor market, and strong investment were the main drivers of growth in Rwanda in early 2024.“, the institution said.
Rwanda’s performance is all the more remarkable given that it was achieved in a gloomy global economic climate, weighed down by two conflicts (in Ukraine and the Middle East) that are dragging on and are obscuring the view of short- and medium-term prospects. Inflation rose to over 21% in Rwanda in 2023, but has since declined thanks to proactive monetary policies and falling food prices…
The result: last August the inflation rate fell drastically, down to 5% year-on-year to reach the level expected by the National Bank of Rwanda.
Titled “Accelerating skills development to foster private sector growth in Rwanda“, the document indicates that the Rwandan labor market has seen a sharp rebound, with more than 500,000 new jobs created in the fourth quarter of 2023. The unemployment rate has not fallen as much since the end of 2019. It is difficult to find a more dynamic economy and better employment figures in Africa.
“Rwanda’s labor market expansion has been broad-based, with women benefiting slightly more than men. To capitalize on its youth, Rwanda needs to increase labor force participation, as 2.8 million of the 8.1 million working-age population are employed full-time.“, commented Calvin Djiofack Zebaze, World Bank lead economist for Rwanda.
However, the report emphasizes skills development as a key to boosting private sector growth in the country. The document stresses the need to significantly increase public investment in education, particularly in technical and vocational education and training (TVET) and in higher education…
The report also recommends a better match between qualifications and the needs of the labour market. But all this will only bear fruit if the country is attractive enough to keep its talents there, instead of having them go and fill the ranks of foreign skills in America and Europe. Germany has just siphoned off 250,000 skilled Kenyan workers, Rwandans are not known for giving in to the sirens of the West, it must continue like this.
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World Bank, household consumption, job creation, education, technical education, inflation, investments, labor market, Paul Kagame, real GDP, Rwanda, unemployment rate, growth rate
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