Focus on Digitalization and Revenue Diversification
Economic Overview
Sources:
Global conditions
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The global economy is experiencing a strong but
uneven recovery with estimated growth of 6% in 2021
and 4.9% in 2022. (1)
There remains uncertainty about the path of economic
growth this year, much of it due to risks surrounding
evolution of the virus and the speed and effectiveness
of vaccination rollouts in many of world's low-income
countries.
Sub-Saharan Africa
The regional GDP contracted by 1.8% in 2020 is
expected to recover modestly to 3.4% in 2021 and
4.2% in 2022. This outlook is subject to some key
downside risks, particularly regarding the path of the
COVID 19 pandemic and the resilience of the region's
health systems. (2)
(1) IMF, World Economic Outlook Update July 2021
(2) IMF, Regional Economic Outlook (sub-Saharan Africa) April 2021
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Pandemic Impact
Rwanda's GDP recovered in the first half of 2021 with
growth of 3.5% driven by a faster recovery of the
agriculture sector and the industry sector, following a
GDP contraction in 2020. (3)
The country is expected to grow to 5.7% in 2021,
supported mainly by high infrastructure spending and
a pick-up in the tourism sector as the effects of the
pandemic dissipate. (4)
Exchange Rate Developments
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Significant currency depreciations in most Africa
currencies observed during the peak of the crisis
continued through the first and second quarter of 2021
and particularly severe in in tourism dependent
economies.
Sources:
(3) BNR, MPC Press release 17 Aug 2021
(4) AFDB, African Economic Outlook 2021
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