Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.

Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.


World Bank cuts Rwanda's 2014 growth forecast

28 August 2014, 13:26

Kigali - The World Bank has cut its 2014 growth forecast for Rwanda, blaming delayed spending on energy and transport and a slowdown of credit growth to the private sector.

Growth in the east African nation is projected at 5.7 percent in 2014, down from a previous forecast of 7.2 percent given in December, the World Bank said in a report released on Thursday.

In it's annual budget, Rwanda projects that gross domestic product will grow by 6 percent this year - the same growth projection given by the International Monetary Fund, helped by expansion in the agriculture, services and industrial sectors.

Growth in the landlocked coffee and tea producer slipped to 4.6 percent last year from 7.3 percent in 2012 after donors cut aid over Rwanda's alleged involvement in a conflict in the neighbouring Democratic Republic of the Congo.

For next year, growth is expected to be 6.6 percent, the World Bank said. Rwanda expects growth at 6.7 percent in 2015.

Investment in energy and transport would spur the private sector and attract foreign direct investment, the Bank said, and help transform the economy into a net exporter," the Bank said.

Rwanda's growth rate averaged 8.2 percent from 2006 to 2012 in a country hailed by investors for solid fundamentals, including low debt and inflation. It sold $400 million in a debut Eurobond in April last year.

The country of 11 million people has been attracting a steady stream of investors and firms drawn by a small but growing market which welcomes foreign investors.

- Reuters

For the latest on national news, politics, sport, entertainment and more follow us on Twitter and like our Facebook page!


Read News24’s Comments Policy

Comment on this story
Comments have been closed for this article.

Read more from our Users

Submitted by
George Vodongo
Al Shabaab attack Mandera hotel, ...

A total of 33 non-locals were in the hotel when the assault was launched.  Read more...

Submitted by
Shakila Alivitsa
4 ways to handle your cheating ma...

He is cheating. How do you handle him?

Submitted by
Shakila Alivitsa
Why do men choose second wives?

Why do men choose to have second wives?

Submitted by
Eugene Odanga
Wizkid set for twin Kenyan shows

Wizkid is back in Kenya. For two shows.

Submitted by
Eugene Odanga
Udada women's festival begins in ...

The Udada women's festival has arrived in Nairobi.

Submitted by
Uhuru pardons 2747 death row conv...

President Uhuru Kenyatta has pardoned a number of death row convicts, sending them to life sentences instead. Read more...