Julius Bizimungu reflects on Rwanda’s economic growth in 2019, forecasts 2020

Rwanda has been making significant economic strides, with investments totaling $2.46 billion in 2019. The government has also re-entered the capital markets with a $15.8 million bond issuance. Against this backdrop, the World Bank's global economic prospects report highlights the region's growth, with a forecasted 2.9 percent growth rate, signaling positive developments. Julius Bizimungu, a journalist from The New Times Rwanda, shared insights on the economic landscape in a recent interview with CNBC Africa. Bizimungu emphasized the growth potential of countries like Rwanda, Madagascar, and Cordivar, attributing their expected rapid growth to increased public infrastructure investment and expanding private sector activity. He particularly noted Rwanda's impressive expected growth rate of over 8 percent in 2020. Additionally, Bizimungu highlighted Ethiopia as a key player in the African economy, despite a slight decline in its growth rate projections. The country is estimated to grow by 6.6 percent, reflecting its status as one of the fastest-growing economies in the region. Discussing investments in Rwanda, Bizimungu mentioned energy and manufacturing as key sectors attracting significant investments. He suggested that these sectors, along with tourism, are likely to continue driving economic growth in 2020. The tourism sector, in particular, is experiencing substantial growth, with developments like the We Just Said International Airport attracting investor interest. In light of the government's issuance of a $15 million T-bond to recapitalize the capital markets, Bizimungu highlighted the growing investor confidence in fixed assets, such as T-bonds. He noted that the move is part of a broader strategy to strengthen the capital markets and promote investment in Rwanda. While Rwanda performed well in the Doing Business Index last year, Bizimungu pointed out that the country faced challenges in certain areas. He mentioned plans to address these challenges and enhance the business environment. Overall, Bizimungu's insights shed light on Rwanda's economic progress in 2019 and offer optimistic forecasts for 2020, signaling continued growth and investment opportunities in the region.