{"id":51901,"date":"2024-11-14T12:41:41","date_gmt":"2024-11-14T12:41:41","guid":{"rendered":"https:\/\/new.igihe.com\/rwanda-s-tourism-revenue-projected-to-reach-660-million-by-end-of-2024\/"},"modified":"2024-11-16T10:19:02","modified_gmt":"2024-11-16T10:19:02","slug":"rwanda-s-tourism-revenue-projected-to-reach-660-million-by-end-of-2024","status":"publish","type":"post","link":"https:\/\/new.igihe.com\/english\/rwanda-s-tourism-revenue-projected-to-reach-660-million-by-end-of-2024\/","title":{"rendered":"Rwanda’s tourism revenue projected to reach $660 million by end of 2024"},"content":{"rendered":"

This is according to a report by the World Bank and the Government of Rwanda, which highlights the state of the country’s economy and outlines the steps needed to achieve inclusive and sustainable development in alignment with the second National Strategy for Transformation (NST-2).<\/p>\n

Gorilla trekking activities are expected to generate the most revenue for the tourism sector, at $200 million in 2024, followed by other leisure activities ($110 million), conferences ($90 million), visiting friends and relatives (VFR tourism\/travel) ($86 million), business travel ($68 million), and revenue from other visitors ($46 million).<\/p>\n

Nature-based tourism (NBT) is estimated to account for 80 percent of visitors entering Rwanda for leisure or conferences, playing a significant role in job creation, particularly by increasing formal jobs in rural communities near game parks.<\/p>\n

The new report, titled Pathways to Sustainable and Inclusive Growth, was launched on Wednesday, November 13, 2024, in Kigali at a ceremony presided over by Prime Minister \u00c9douard Ngirente. <\/p>\n

According to the report, the rapid recovery and expansion of the tourism sector following the COVID-19 pandemic, which slowed the country\u2019s biggest foreign exchange earner, is a key objective for the government. <\/p>\n

The World Bank said that achieving this will require additional financial resources from the non-state sector to support fast-growing productivity gains.<\/p>\n

The report further highlights Rwanda\u2019s human capital as a cornerstone for achieving long-term growth. It recommends sustained investment in education, skills development, and healthcare. The authors of the report note that by nurturing a skilled and healthy workforce, Rwanda can unlock new growth potential across generations.<\/p>\n

The report also emphasizes opportunities in nature-based solutions to address climate risks and advance the country’s development goals.<\/p>\n

Prime Minister Ngirente expressed the government\u2019s commitment to leveraging lessons learned from the study to address the challenges identified.<\/p>\n

\u201cRwandans are eager for development, and our government is committed to pushing forward toward the aspirations of Vision 2050. Despite facing external shocks and challenges, even in difficult times, we are determined to keep moving forward,\u201d the Prime Minister stated.<\/p>\n

The Minister of Finance and Economic Planning, Yusuf Murangwa, affirmed that Rwanda\u2019s impressive progress over the past years has laid a solid foundation for economic growth and social well-being. <\/p>\n

\u201cTo achieve the ambitious targets set in NST-2, we must now prioritize enhancing productivity, fostering private sector engagement, and investing in our people. The CEM provides a strategic framework to address these priorities, guiding us toward a more inclusive and resilient economy,\u201d he stated.<\/p>\n

World Bank Country Manager, Sahr Kpundeh, emphasized the strength of the partnership between the Government of Rwanda and the World Bank, noting that the collaboration underscores a shared commitment to Rwanda’s vision for sustainable growth.<\/p>\n

“The Rwanda Country Economic Memorandum (CEM) recommendations provide clear pathways to greater economic resilience and shared prosperity. With strategic policy adjustments, we are confident that Rwanda can foster a diversified economy that benefits all Rwandans,” Kpundeh stated.<\/p>\n

\"Gorilla<\/figure>\n","protected":false},"excerpt":{"rendered":"

The tourism sector is projected to continue expanding as a key driver of economic growth in Rwanda, with revenues expected to exceed $660 million in 2024, up from $620 million in 2023. <\/p>\n","protected":false},"author":131,"featured_media":2000077034,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[47],"tags":[75],"byline":[192],"hashtag":[],"class_list":["post-51901","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-homenews","byline-wycliffe-nyamasege"],"bylines":[{"id":192,"name":"Wycliffe Nyamasege","slug":"wycliffe-nyamasege","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":131}],"contributors":[{"id":192,"name":"Wycliffe Nyamasege","slug":"wycliffe-nyamasege","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":131}],"featured_image":{"id":2000077034,"url":"https:\/\/en-images.igihe.com\/IMG\/logo\/gorilla-trekking-success-rate.jpg","alt":"","caption":"","mime_type":"image\/jpeg","width":0,"height":0,"sizes":{"thumbnail":{"url":"https:\/\/en-images.igihe.com\/IMG\/logo\/gorilla-trekking-success-rate.jpg","width":1,"height":1},"medium":{"url":"https:\/\/en-images.igihe.com\/IMG\/logo\/gorilla-trekking-success-rate.jpg","width":1,"height":1},"medium_large":{"url":"https:\/\/en-images.igihe.com\/IMG\/logo\/gorilla-trekking-success-rate.jpg","width":1,"height":1},"large":{"url":"https:\/\/en-images.igihe.com\/IMG\/logo\/gorilla-trekking-success-rate.jpg","width":1,"height":1},"full":{"url":"https:\/\/en-images.igihe.com\/IMG\/logo\/gorilla-trekking-success-rate.jpg","width":0,"height":0}}},"_links":{"self":[{"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/posts\/51901","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\/131"}],"replies":[{"embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/comments?post=51901"}],"version-history":[{"count":0,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/posts\/51901\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/media\/2000077034"}],"wp:attachment":[{"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/media?parent=51901"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/categories?post=51901"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/tags?post=51901"},{"taxonomy":"byline","embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/byline?post=51901"},{"taxonomy":"hashtag","embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/hashtag?post=51901"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}