Rwanda and the World Bank have launched the Rwanda Country Economic Memorandum (CEM) highlighting Rwanda’s significant economic achievements and offering recommendations for sustaining growth in line with the country’s second National Strategy for Transformation (NST-2).
The CEM, titled “Pathways to Sustainable and Inclusive Growth in Rwanda,” is a collaborative report between the Government of Rwanda and the World Bank. It showcases Rwanda’s economic resilience, with gross domestic product growth averaging 7.4 percent annually from 2000 to 2023, alongside social improvements including increased life expectancy, improved healthcare access, and expanded educational attainment.
The report launched on Wednesday in Kigali identifies key areas for Rwanda to build on, including expanding private sector engagement, strengthening human capital, and enhancing agricultural resilience to sustain Rwanda’s growth trajectory. It provides policymakers, stakeholders, and development partners with insights into addressing current challenges and seizing opportunities across sectors such as private investment, education, agriculture, and climate resilience.
Speaking at the event, Rwandan Minister of Finance and Economic Planning Yusuf Murangwa highlighted Rwanda’s achievements and future goals. “Rwanda’s progress over the years has laid a strong foundation for economic growth and social well-being. To achieve NST-2’s targets, we must prioritize productivity, private sector engagement, and investing in our people.”
He added that the CEM offers a strategic framework for addressing these priorities, guiding Rwanda toward a more inclusive and resilient economy.
Key findings from the CEM reveal that while public investment has driven growth, there is significant potential for the private sector, particularly in services and manufacturing.
The report suggests reforms to enhance competition, increase access to finance, boost domestic savings, and encourage innovation and information and communications technology development. It also emphasizes regional integration to expand market access and foster sustainable trade partnerships.
Speaking at the launch, Sahr Kpundeh, World Bank country manager for Rwanda, underscored the strength of the partnership with Rwanda.
“Our collaboration reflects a shared commitment to Rwanda’s vision for sustainable growth. The CEM’s recommendations offer clear pathways to greater economic resilience and shared prosperity,” he said.
The report also highlights Rwanda’s human capital as crucial for long-term growth, recommending sustained investment in education, skills development, and healthcare to foster a skilled and healthy workforce. It emphasizes nature-based solutions to address climate risks, proposing that conservation and environmentally focused initiatives can advance Rwanda’s development goals.
At the event, Rwandan Prime Minister Edouard Ngirente praised the report’s policy recommendations as a guide for implementing necessary reforms to achieve Rwanda’s transformational agenda.
According to the Ministry of Finance and Economic Planning, the CEM will serve as a guiding document for policymakers and stakeholders working to build a brighter, more resilient, and inclusive future for Rwanda.