(3 Minutes Read)
Rwanda’s real GDP grew by a whopping 9.7% in the first quarter of 2024, surpassing the 8.2% growth recorded the previous year, despite several economic ills the country is facing.
This impressive performance, despite a global economic slowdown, is explained by strong consumption in key sectors such as services and industry. The industrial sector particularly shone, posting growth of 10%. Manufacturing and construction recorded increases of 11% and 12% respectively, while the information and communication technology sector experienced an explosion with an exceptional growth of 35%.
Despite these positive developments, Rwanda faces ongoing challenges, including inflation and an insufficiently trained workforce. Only 2.8 million people are employed full-time out of 8.1 million of working age. To maximize the potential of its young population, Rwanda must focus its efforts on skills development.
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A recent USD 200 million project aims to provide opportunities for 200,000 vulnerable young people to acquire skills needed in the marketplace. With these new measures, Rwanda aspires to become a middle-income country by 2035 and a high-income country by 2050.
