Rwanda remains the most competitive economy in the region
Kigali, 5 September 2014
Rwanda maintained its position as the most competitive economy in the East African region and third in Africa, according to a new Global Competitiveness Index report.
According to the 2014-15 World Economic Forum annual report released this week, Rwanda ranks 62nd globally with aggregate 4.3 out of seven.
It is one of the four African economies in the top 75 most competitive countries out of 144 surveyed, the others being Mauritius (39th), South Africa (56th) and Botswana (74th).
According to the Minister of Finance and Economic Planning Clever Gatete, Rwanda deserved the position because the country has maintained its impressive growth rate.
“Our aim is to rank on top position and accelerate our country’ s growth. We are not resting; we are aiming higher for better and sustainable results that will benefit each and every Rwandan citizen,” he noted.
The report ranks Rwanda 18th with best structured institutions globally.
On average, Rwanda’s macroeconomic environment scored 4.6 aggregates out of a possible seven, while health and primary education registered 5.5 aggregates.
Competitiveness was also recorded in financial markets (4.30), technological readiness (3.1), business sophistication (3.80), and innovation (3.5).
The Global Competitiveness Report 2014-2015 assesses the competitiveness of landscape of 144 economies, providing insight into the drivers of their productivity and prosperity.
The report series remains the most comprehensive assessment of national competitiveness worldwide.
It is, therefore, crucial to address these structural challenges to ensure more sustainable and inclusive growth. More than ever, cooperative leadership among business, government and civil society is needed to re-establish sustainable growth and raise living standards throughout the world.