Kigali, 13 February 2024---Prime Minister, Dr. Edouard Ngirente, presented to the Rwandan Parliament, both Chambers, progress on post-Covid economic recovery process.

In his presentation, Prime Minister started by depicting the impact of the pandemic on global economies.  He pointed out that the global economy contracted by 3.1% in 2020 but subsequently rebounded to 6% in 2021 and 3.5% in 2022.

The Premier also revealed that Rwanda’s economy regressed by 3.4% in 2020, but due to strategic recovery measures and initiatives implemented by the Government of Rwanda, the economy grew at an average rate of 8% over a three-year period (2021-2023).

Prime Minister noted that the inflation grew from 1.9% in 2021 to 21.6% by the end of 2022. However, inflation developments for January 2024 show that headline inflation decreased to 5%.

Prime Minister also highlighted that in order to mitigate the impact of inflation, the government continued to provide subsidies for essential goods and services directly affecting the lives of Rwandan citizens. These subsidies encompass items such as fuel, public transport and agriculture.

In conclusion, the Prime Minister emphasized the current positive state of Rwanda's economy, reaffirming the Government’s unwavering commitment to market stability and ongoing efforts to enhance agricultural production.

Particularly, he encouraged all Rwandans to actively contribute to domestic production and food security.

Click here to read the full presentation of the Prime Minister.