The Government of Rwanda and the World Bank have released the Rwanda Country Economic Memorandum (CEM), titled “Pathways to Sustainable and Inclusive Growth in Rwanda.” This report highlights Rwanda's economic progress and offers strategies for sustained growth aligned with the second National Strategy for Transformation (NST-2).
Rwanda has maintained an average GDP growth rate of 7.4% annually from 2000 to 2023, along with improvements in social indicators such as life expectancy, healthcare access, and education.
The CEM outlines opportunities for further development by enhancing private sector involvement, human capital, and agricultural resilience. It serves as a roadmap for addressing economic challenges and leveraging opportunities in sectors like private investment, education, agriculture, and climate resilience.
Yusuf Murangwa, Minister of Finance and Economic Planning, stated: “Rwanda’s impressive progress over the past years has laid a solid foundation for economic growth and social well-being. To achieve the ambitious targets set in NST-2, we must now prioritize enhancing productivity, fostering private sector engagement, and investing in our people. The CEM provides a strategic framework to address these priorities, guiding us toward a more inclusive and resilient economy.”
Key findings indicate that public investment has driven growth so far. However, there is significant potential for increased private sector participation, especially in services and manufacturing. The CEM suggests reforms to enhance competition, finance access, domestic savings, innovation, ICT development, and regional integration.
Sahr Kpundeh from the World Bank emphasized: “Our collaboration underscores a shared commitment to Rwanda’s vision for sustainable growth. The CEM’s recommendations provide clear pathways to greater economic resilience and shared prosperity. With strategic policy adjustments, we are confident Rwanda can foster a diversified economy that brings widespread benefits to all Rwandans.”
The report also stresses investing in human capital through education and healthcare as essential for long-term growth. Nature-based solutions are recommended to tackle climate risks while supporting development goals.
This launch reflects Rwanda's dedication to sustainable development with continued support from the World Bank.