5 Fastest Growing Economies in Africa

3. Rwanda

GDP growth in 2021 according to World Bank: 10.88%

After COVID-19 caused the economy of Rwanda to shrink by 3.4% in 2020, sustained fiscal stimulus, an accelerated vaccination programme, relative easing of COVID-19 restrictions, and a rebound in global demand helped GDP growth reach 10.9% in 2021. Expansion in services (12%), industry (13%), and agriculture (6%), respectively, were the growth drivers. Following a 5.9% decline in 2020, the GDP per capita recovered to increase 7.4% in 2021. Rwanda’s GDP growth is expected to be 6.9% in 2022 and 7.9% in 2023.