Rwanda economic update, February 2024: mobilizing domestic savings to boost the private sector in Rwanda
The Rwanda Economic Update edition 22 reviews the country’s macroeconomic performance and prospects and includes a special section focusing on Mobilizing Domestic Savings to Boost the Private Sector in Rwanda. In 2023, Rwandan economy demonstrated resilience, achieving a 7.6 percent growth in a challenging global environment. This growth was largely attributed to the services sector and sustained domestic demand despite agricultural setbacks and persistent inflation. However, Rwanda faces a challenge in mobilizing domestic savings—critical for private sector investment and achieving the goals outlined in Rwanda’s Vision 2050. While financial inclusion has risen sharply, with significant transitions from informal to formal savings methods, Rwanda’s savings rates remain low compared to regional peers.
