Rwanda targets increased annual growth to achieve upper middle income status by 2035

Rwanda targets to double the current average annual GDP growth from the current 5.4 percent to more than 10 percent to be able to reach upper middle income status by 2035, according to the ministry of finance and economic planning.

Claver Gatete, Rwanda minister of finance and economic planning made the remarks on Friday while speaking at the second day of the 14th edition of the National Dialogue locally known as Umushyikirano at the Kigali Convention Centre, in the capital Kigali.

The forum that runs from 14th-15th December, brings together close to 2,000 Rwandan citizens and those from the Diaspora, including members of foreign diplomatic corps accredited to Rwanda, civil society organizations, private sector and the academia to assess Rwanda's achievements registered in the last few years and plan for the future.

Umushyikirano is an annual event that gives all Rwandans, both in the country and abroad, the opportunity to ask their leaders questions directly and engage about the country's challenges, opportunities and growth agenda.

"We are targeting to double our current annual growth rate to reach upper middle income by 2035 and high income by 2050. This will require an average annual growth of above 10 percent," Gatete said.

He noted that building on successful foundations such as the use of ICT, ease of doing business and self determination including self-sufficiency as a nation will enable Rwanda to realize set goals.

The economic pillars that include tourism, manufacturing, retail and wholesale and mining are also projected to deliver above 10 percent of GDP growth under the 2035 blueprint, according to Gatete.

The ministry also projects Rwanda population to double the current number by 2050 to around 22 million. The country's population stands at 11.78 million, according to the 2013 national census.

According to the 2017 World Bank report, Rwanda has the potential to be one of Africa's great success stories given it's a dynamic social and economic transformation.

The country is also on track to creating 200,000 off-farm jobs annually by 2018 under the Economic Development and Poverty Reduction Strategy (EDPRS II), and Vision 2020. These and other initiatives, like the crop intensification programme, have been the key drivers of the country's development over the past two decades.

EDPRS II main objective is to put Rwanda on a higher growth trajectory, targeting to make Rwanda achieve a middle-income status by 2020. Endit