{ {{KT Press}} -Rwanda plans to uplift another million people out of poverty by 2016; the Word Bank has announced in its latest update on the country\u2019s economic situation.}<\/p>\n
The World Bank says, Rwanda\u2019s economy will grow at a rate of 7.6% in 2016 and if this is maintained, the country will be able to cut down the poverty rate from 63% (2011) to 54% (2016).<\/p>\n
This, in essence means about a million people will be lifted out of poverty.<\/p>\n
The report, The Rwanda Economic Update: Financing Development, says, the country\u2019s growth rate has tremendously recovered from its lowest of 4.7% in 2013 since 2003 to 7.0% in 2014.<\/p>\n
Rwanda is currently experiencing a growth rate of 7.4% in 2015 after lifting at least one million citizens out of poverty between 2006 and 201.<\/p>\n
In 2014, the government made a commitment of three million more people out of poverty in five years.<\/p>\n
Yoichiro Ishihara, Senior Economist and Task Team Leader of the report noted that Rwanda\u2019s recovery is largely led by; \u201cPrivate and government consumptions reflected in the accelerated growth of the services sector.\u201d<\/p>\n
He said that developments of the monetary sector have also been supportive to the economy.<\/p>\n
\u201cLow inflation rate and appreciation of real effective exchange rate is favorable for the accommodative monetary policy to support the economy through financing,\u201d says Yoichiro.<\/p>\n
Meanwhile, the report says the drop in global oil prices has had a positive effect on Rwanda\u2019s economy in both inflation and imports.<\/p>\n
Transportation prices declined by about 4%, which brought down the overall Consumer Price Index (CPI).<\/p>\n
On energy imports, prices started to significantly decline in November 2014, resulting in energy import values drop of 20-40% until April 2015.<\/p>\n
However, the report notes that although Rwanda\u2019s GDP investment of 24% is slightly higher than the average of low\/medium income countries, it is still mostly financed by foreign savings, including aid.<\/p>\n
Experts recommend that the country needs to find alternative means of funding.<\/p>\n
\u201cWorkers remittance and foreign direct investment are potential sources\u2026they have steadily increased without significant volatilities in the past several years,\u201d says Carolyn Turk, World Bank Country Manager for Rwanda.<\/p>\n","protected":false},"excerpt":{"rendered":"
{ {{KT Press}} -Rwanda plans to uplift another million people out of poverty by 2016; the Word Bank has announced in its latest update on the country\u2019s economic situation.} The World Bank says, Rwanda\u2019s economy will grow at a rate of 7.6% in 2016 and if this is maintained, the country will be able to […]<\/p>\n","protected":false},"author":3,"featured_media":2000069184,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[47],"tags":[75],"byline":[170],"hashtag":[],"class_list":["post-20144","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-homenews","byline-igihe"],"bylines":[{"id":170,"name":"IGIHE","slug":"igihe","description":"","image":{"id":0,"url":"https:\/\/secure.gravatar.com\/avatar\/?s=96&d=mm&f=y&r=g","alt":"Default avatar","title":"Default avatar","caption":"","mime_type":"image\/jpeg","sizes":[]},"user_id":8}],"contributors":[{"id":170,"name":"IGIHE","slug":"igihe","description":"","image":{"id":0,"url":"https:\/\/secure.gravatar.com\/avatar\/?s=96&d=mm&f=y&r=g","alt":"Default avatar","title":"Default avatar","caption":"","mime_type":"image\/jpeg","sizes":[]},"user_id":8}],"featured_image":{"id":2000069184,"url":"https:\/\/en-images.igihe.com\/IMG\/logo\/arton20144.jpg","alt":"","caption":"","mime_type":"image\/jpeg","width":0,"height":0,"sizes":{"thumbnail":{"url":"https:\/\/en-images.igihe.com\/IMG\/logo\/arton20144.jpg","width":1,"height":1},"medium":{"url":"https:\/\/en-images.igihe.com\/IMG\/logo\/arton20144.jpg","width":1,"height":1},"medium_large":{"url":"https:\/\/en-images.igihe.com\/IMG\/logo\/arton20144.jpg","width":1,"height":1},"large":{"url":"https:\/\/en-images.igihe.com\/IMG\/logo\/arton20144.jpg","width":1,"height":1},"full":{"url":"https:\/\/en-images.igihe.com\/IMG\/logo\/arton20144.jpg","width":0,"height":0}}},"_links":{"self":[{"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/posts\/20144","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/comments?post=20144"}],"version-history":[{"count":0,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/posts\/20144\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/media\/2000069184"}],"wp:attachment":[{"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/media?parent=20144"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/categories?post=20144"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/tags?post=20144"},{"taxonomy":"byline","embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/byline?post=20144"},{"taxonomy":"hashtag","embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/hashtag?post=20144"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}