Rwanda and Tanzania in world’s top 10 fastest growing economies

EAST AFRICA is maintaining strong economic growth, with Tanzania and Rwanda emerging in the top 10 fastest growing economies across the globe. The entire East African region registered an average five percent growth last year, according to the 2020 African Economic Outlook report from the African Development Bank.

Rwanda posted the highest growth rate at 8.7 percent, followed by Ethiopia at 7.4 percent – Tanzania registered growth of 6.8 percent.

According to the report, government policies aimed at improving the business and investment climate are still a work in progress. Attention is especially needed in the areas of tax policy and affordable finance.

However, it indicated key improvements in macroeconomic stability, ICT adoption and business dynamism.