Browsing: Economic growth in East Africa

Rwanda tops economic growth in East Africa in 2022.

The International Monetary Fund projects that Rwanda will post 7 per cent growth in 2022

  • Rwanda weathered the Covid-19 pandemic to hit double-digit growth of 10.3 per cent for 2021 
  • Rwanda’s life expectancy has risen from 49 in 2000 to 66.6 in 2017, while extreme poverty fell from 40 per cent to 16 per cent

The economic growth in East Africa is expected to flourish with the admission of the DRC to the East African Community (EAC).

This move increases the region’s bargaining power and has offered an alternative port of entry that will facilitate international trade. It has also turned the focus to the region and its economic impact on the continent and the world at large.

Among the seven countries in East Africa, Rwanda has reported the most rapid economic growth in the region.

Over the years, Rwanda has endeared itself to the donor community: a nation where

EA economies to outpace other regional blocks

East Africa economies are seen to outshine growth of other regional blocks this year due to the fall in the price of oil and commodities that has hit the North, Southern and western countries.

In its latest economic update, the Institute of Chartered Accountants in England and Wales (ICAEW) has projected that East African economies will post a GDP growth rate of 6.3 per cent this year.

The GDP expansion is higher than the projected estimated growth in North at 2.8 per cent and West Africa at 3.4 per cent.
Southern Africa is expected to record a slow pace of 1.3 per cent, due to the region struggles with policy uncertainty, rainfall deficit, effects of cyclones and power rationing.

The regional director for the Middle East, Asia and Africa at ICAEW, Michael Armstrong said that East African economies like Kenya and Tanzania are shielded from global shocks as they are …