{{Finance Minister John Rwangombwa has disclosed that Rwanda\u2019s economic growth will drop to 7.7% this year from 8.6% of 2011 as a slowdown in Europe curbs tourism and falling commodity prices reduce revenue.}}<\/p>\n
Rwangombwa said in an interview Tuesday in Addis Ababa, Ethiopia, where he is attending the World Economic Forum on Africa. <\/p>\n
Tourism is the largest source of foreign currency for Rwanda accounting for about $200 million annually. <\/p>\n
\u201cIt is mainly about world economic shocks and how tourism will be affected,\u201d Rwangombwa said. \u201cCommodity prices are affecting our exports.\u201d<\/p>\n
Rwanda aiming at drawing more foreign direct investment while seeking to reduce dependence on commodity exports.<\/p>\n
The export of coffee and tea has expanded an average of 8.4% annually in the five-year period that ended in 2011, according to the United Nations.<\/p>\n
Rwanda Central Bank has room to leave interest rates on hold as the inflation rate should stay below 10% this year, Rwangombwa said. <\/p>\n
Inflation accelerated to 8.2% in March from 7.9% in February.<\/p>\n
The Bank of Rwanda raised its key lending rate by 50 basis points, or 0.5 percentage point, to 7.5% on May 4. It was the first increase in six months.<\/p>\n","protected":false},"excerpt":{"rendered":"
{{Finance Minister John Rwangombwa has disclosed that Rwanda\u2019s economic growth will drop to 7.7% this year from 8.6% of 2011 as a slowdown in Europe curbs tourism and falling commodity prices reduce revenue.}} Rwangombwa said in an interview Tuesday in Addis Ababa, Ethiopia, where he is attending the World Economic Forum on Africa. Tourism is […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[75],"byline":[334],"hashtag":[],"class_list":["post-2318","post","type-post","status-publish","format-standard","hentry","category-business","tag-homenews","byline-igihe-reporter"],"bylines":[{"id":334,"name":"IGIHE Reporter","slug":"igihe-reporter","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":null}],"contributors":[{"id":334,"name":"IGIHE Reporter","slug":"igihe-reporter","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":null}],"featured_image":null,"_links":{"self":[{"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/posts\/2318","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\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/comments?post=2318"}],"version-history":[{"count":0,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/posts\/2318\/revisions"}],"wp:attachment":[{"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/media?parent=2318"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/categories?post=2318"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/tags?post=2318"},{"taxonomy":"byline","embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/byline?post=2318"},{"taxonomy":"hashtag","embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/hashtag?post=2318"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}