The latest United Nations ‘World Economic Situation and Prospects 2024’ predicts slower global economic growth to 2.4 percent in 2024 from 2.7 percent in 2023.
According to the report, developing countries present a divergent picture, with Africa’s growth projected to slightly increase from 3.3 percent in 2023 to 3.5 percent in 2024. High debt and limited fiscal space remain pressing concerns for these nations.
East Africa is projected to experience economic growth of 5.5 per cent in 2024, up from five per cent in 2023. This is while inflation is expected to slow down from 13.5 per cent in 2023 to 10.5 per cent in 2024 and 8.5 per cent in 2025.
Among the top ten African countries expected to register high economic growth in 2024, according to the report, Rwanda comes third after Libya and Senegal with 7.6 and 9.2 per cent, respectively.
It further highlights that in East Africa, the country’s prospective leading economic performance in 2024 will be followed by DR Congo, Uganda, and Tanzania.
Data from the National Institute of Statistics Rwanda (NISR) indicate that the increase of consumer prices on Rwanda’s market has eased, reaching 9.2 per cent in November 2023, the first time inflation has fallen below double digits in the year.
However, figures for the average inflation in 2023 are yet to be released.
While the high consumer prices are mainly driven by poor agriculture performance across seasons over the past two consecutive years and imported inflation from external markets, the National Bank of Rwanda targets it to go back within an acceptable rate of between two per cent and eight per cent in 2024.
With input from New Times Rwanda &UN Publication
