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Rwanda above Kenya as most competitive economy

04 September 2014, 17:15

Nairobi - Rwanda retains its position as the most competitive economy in the East African region and third in Africa, according to a new Global Competitiveness Index report.

The small East African country takes the third position on the continent after Mauritius and South Africa in this year's World Economic Forum (WEF) annual report released on Wednesday in Geneva.

Rwanda ranks 62nd out of the 144 countries surveyed worldwide, up from 66th last year, while Mauritius and South Africa came in 39th and South Africa 56th globally respectively.

Speaking to Xinhua on Wednesday, Claver Gatete, Rwanda Minister of Finance and Economic Planning said that, Rwanda deserved the position because the country has maintained its impressive growth rate.

"Our aim is to rank on top position and accelerate our country' s growth. We are not resting; we are aiming higher for better and sustainable results that will benefit each and every Rwandan citizen," he noted.

According to the survey, in East African Community, Kenya came second with an overall aggregate of 3.9 and was ranked 90th worldwide. Tanzania, Uganda and Burundi came in 121st, 122nd and 139th, respectively, on the global scale.

Also read: Poor quality affects Kenya's agricultural exports

The WEF Report 2014 says Switzerland comes first in the World followed by Singapore and the United States. Finland and Germany both fell one notch, to the 4th and 5th.

On average, Rwanda's macroeconomic environment scored 4.6 aggregates out of a possible seven, while health and primary education registered 5.5 aggregates.

However, the country underperformed in infrastructure aggregating 3.1, ranking 105th out of 144 countries on that indicator.The Global Competitiveness survey assesses the competitiveness of landscape of 144 economies, providing insight into the drivers of their productivity and prosperity.

- Xinhua

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