GDP growth - The African Mirror

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Dec

2023

By The African Mirror

Rwanda says GDP growth expected to rise in 2024, still below 2022 figure

BUSINESS

RWANDA'S economy is expected to grow 6.6% in 2024, up from this year's figure of 6.2%, the finance minister and central bank governor told the International Monetary Fund in a letter. In February, Finance Minister Uzziel Ndagijimana had forecast economic growth of about 7.5% for the East African country in 2024 and 2025. The economy grew 8.2% in 2022. "We foresee a temporary softening of economic growth, driven by needed tighter fiscal and monetary policies," Ndagijimana and Central Bank Governor John Rwangombwa said in the November 29 letter, made public late on Monday. "On the demand side, private consumption and investment are…

Jun

2021

By The African Mirror

Nigerian growth lags Africa, poverty rising, says World Bank

BUSINESS

NIGERIAN economic growth has resumed after the COVID shock but is lagging the rest of sub-Saharan Africa, with food inflation, heightened insecurity and stalled reforms slowing growth and increasing poverty, the World Bank has said. Presenting its six-monthly update on development in Africa's most populous country, the organisation gave a GDP growth forecast for Nigeria of 1.9% in 2021 and 2.1% in 2022, compared with 3.4% this year and 4.0% next year for sub-Saharan Africa. Lead economist for Nigeria Marco Hernandez said inflation, especially in food prices, was exacerbating poverty and food insecurity. Food accounted for almost 70% of Nigeria's…