Prof. Dr. Manfred Weibelt, a German Economist, says that based on Africa’s economic development, Rwanda is among African countries treading the right direction and a 21st century development model.
In a research undertaken by Prof. Weibelt in Deutschland Institute Of Research (IfW), focusing on African economic development and poverty reduction especially for Rwanda, he demonstrated that fast economic development and poverty reduction is becoming a norm for Rwandans.
While presenting the outcomes of his research, Weibelt said that Rwanda’s economic growth is far higher compared to its structure.
“Rwanda is an exemplary country in economic growth. It is a landlocked country, with inadequate natural resources and a majority of the population practicing traditional. The rate of growth is surprising,” he said.
Between 2002-2012,the rate of Rwanda’ economic growth averaged 8%.
He also noted that poverty reduction in Rwanda has gained giant strides, which, between 2005/2006 to 2010/2011 there was a poverty reduction at a rate of 12%.
Statistics from the Ministry of Finance and economic planning indicate that Rwandan economy is mainly boosted by the construction sector, hotels and restaurants, transport, education and services sector, contributing about 27% in 2012 to the GDP.
Manfred said that Africa is progressing in general but expressed worries on investments founded on foreign aids, loans and grants.
Leave a Reply