Rwandan Economy to Grow at Slower 6.8% in 2016, World Bank Says

Rwanda’s economic growth tempo could slow down to 6.8 percent this year from a projected 7.1 percent in 2015 due to inadequate financing for development projects and delayed budget implementation in the East African nation, the World Bank says.

The Washington-based lender revised last year’s growth downwards from 7.5 percent but expects activity to pick up in 2017 with expansion seen rebounding to 7.2 percent, according to Yoichiro Ishihara, a senior economist at the World Bank.

“The macroeconomic stability, mainly inflation and exchange rates, resulting policy flexibility and positive regional economic outlook are broadly the reasons to project the growth rate,” Ishihara told reporters Friday in the capital, Kigali.

Rwanda maintained steady growth in the first three quarters of 2015 despite an adverse external environment stemming from a slowdown of the Chinese and European economies, he said.

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