A report released by the World Bank says that after a strong economic recovery last year, Rwanda’s GDP growth is expected to be moderate in 2022 as a result of the Russia/Ukraine war.
According to the 19th edition of the Rwanda Economic Update (REU19) titled ‘Boosting Exports Through Technology, Innovation and Trade’ in Services, Inflation continues to mount as increases in international commodity prices and the disruption of Global supply chains have led to substantial increase in energy, transport, and food prices.
In its special focus on trade, the report gives an insight into Rwanda’s export performance. Discussing the main drivers of trade performance, the report stresses that securing a certification for an international quality standard, such as International Organization for Standardization (ISO) certificate, is a critical factor in facilitating firms’ participation in international trade.
The report also shows how Rwanda has placed great emphasis on services development to raise employment, income, and export earnings.
However, the country is facing a skills deficit that, if not addressed, will constrain potential growth for high-skill services exports.
