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  •   The new Rwanda Economic Update released today reveals that after a strong economic recovery last year Rwanda s GDP growth is expected to be moderate in 2022 due in part to the effects of the war in Ukraine and the persistent risk of COVID 19 19 pandemic in major economies According to the 19th edition of the Rwanda Economic Update REU19 entitled Boosting exports through technology innovation and trade in services GDP growth is projected at 6 by 2022 after reaching 11 in 2021 Inflation continues to rise as international commodity prices rise and disruptions to global supply chains have led to substantial increases in energy transportation and food prices Rising inflation in Rwanda coming at a time when employment has yet to recover to pre pandemic levels has the potential to undo hard won gains in terms of poverty reduction and development of the economy human capital Government interventions to protect the most vulnerable building on the country s social safety nets continue to be critical said Rolande Pryce World Bank Country Manager for Rwanda In its special focus on trade the report provides insight into Rwanda s export performance The REU19 notes that Rwandan companies have increased their participation in international trade particularly in services over the last decade to levels that exceed those of their regional and continental peers Analyzing the main drivers of trade performance the report highlights that obtaining certification to an international quality standard such as the International Organization for Standardization ISO certificate is a critical factor in facilitating companies participation in trade international ISO certified companies are 36 more likely to be exporters However this remains a significant challenge for Rwanda as only 3 of Rwandan companies had achieved ISO certification in 2019 REU19 also shows a significant correlation between e commerce adoption in Rwanda and participation in the international trade and noted its limited use by Rwandan companies The strong link between e commerce and exporting and the lack of information on foreign markets regularly cited by companies in Rwanda suggests that investment in Internet infrastructure can provide isolated companies such as those in rural and urban underdeveloped areas low cost connectivity to markets and customers and increase the participation of local companies in international trade said Calvin Djiofack Country Economist at the World Bank According to REU19 Rwanda has placed great emphasis on developing services to increase employment income and export earnings However the country faces a skills deficit that if not addressed will limit the potential growth of highly specialized services exports One of the measures the report recommends to boost opening up to trade in services is for Rwanda to address its short term skills shortage by recognizing the qualifications of regional professionals and abolishing work permit regimes for them
    Rwanda Economic Update: Boosting Exports Through Technology, Innovation and Trade in Services
      The new Rwanda Economic Update released today reveals that after a strong economic recovery last year Rwanda s GDP growth is expected to be moderate in 2022 due in part to the effects of the war in Ukraine and the persistent risk of COVID 19 19 pandemic in major economies According to the 19th edition of the Rwanda Economic Update REU19 entitled Boosting exports through technology innovation and trade in services GDP growth is projected at 6 by 2022 after reaching 11 in 2021 Inflation continues to rise as international commodity prices rise and disruptions to global supply chains have led to substantial increases in energy transportation and food prices Rising inflation in Rwanda coming at a time when employment has yet to recover to pre pandemic levels has the potential to undo hard won gains in terms of poverty reduction and development of the economy human capital Government interventions to protect the most vulnerable building on the country s social safety nets continue to be critical said Rolande Pryce World Bank Country Manager for Rwanda In its special focus on trade the report provides insight into Rwanda s export performance The REU19 notes that Rwandan companies have increased their participation in international trade particularly in services over the last decade to levels that exceed those of their regional and continental peers Analyzing the main drivers of trade performance the report highlights that obtaining certification to an international quality standard such as the International Organization for Standardization ISO certificate is a critical factor in facilitating companies participation in trade international ISO certified companies are 36 more likely to be exporters However this remains a significant challenge for Rwanda as only 3 of Rwandan companies had achieved ISO certification in 2019 REU19 also shows a significant correlation between e commerce adoption in Rwanda and participation in the international trade and noted its limited use by Rwandan companies The strong link between e commerce and exporting and the lack of information on foreign markets regularly cited by companies in Rwanda suggests that investment in Internet infrastructure can provide isolated companies such as those in rural and urban underdeveloped areas low cost connectivity to markets and customers and increase the participation of local companies in international trade said Calvin Djiofack Country Economist at the World Bank According to REU19 Rwanda has placed great emphasis on developing services to increase employment income and export earnings However the country faces a skills deficit that if not addressed will limit the potential growth of highly specialized services exports One of the measures the report recommends to boost opening up to trade in services is for Rwanda to address its short term skills shortage by recognizing the qualifications of regional professionals and abolishing work permit regimes for them
    Rwanda Economic Update: Boosting Exports Through Technology, Innovation and Trade in Services
    Africa2 months ago

    Rwanda Economic Update: Boosting Exports Through Technology, Innovation and Trade in Services

    The new Rwanda Economic Update, released today, reveals that, after a strong economic recovery last year, Rwanda's GDP growth is expected to be moderate in 2022 due, in part, to the effects of the war in Ukraine and the persistent risk of COVID-19.

    19 pandemic in major economies.

    According to the 19th edition of the Rwanda Economic Update (REU19), entitled Boosting exports through technology, innovation and trade in services, GDP growth is projected at 6% by 2022, after reaching 11% in 2021.

    Inflation continues to rise as international commodity prices rise and disruptions to global supply chains have led to substantial increases in energy, transportation and food prices.

    “Rising inflation in Rwanda, coming at a time when employment has yet to recover to pre-pandemic levels, has the potential to undo hard-won gains in terms of poverty reduction and development of the economy.

    human capital.

    Government interventions to protect the most vulnerable, building on the country's social safety nets, continue to be critical,” said Rolande Pryce, World Bank Country Manager for Rwanda.

    In its special focus on trade, the report provides insight into Rwanda's export performance.

    The REU19 notes that Rwandan companies have increased their participation in international trade (particularly in services) over the last decade, to levels that exceed those of their regional and continental peers.

    Analyzing the main drivers of trade performance, the report highlights that obtaining certification to an international quality standard, such as the International Organization for Standardization (ISO) certificate, is a critical factor in facilitating companies' participation in trade.

    international.

    ISO certified companies are 36% more likely to be exporters.

    However, this remains a significant challenge for Rwanda, as only 3% of Rwandan companies had achieved ISO certification in 2019.

    REU19 also shows a significant correlation between e-commerce adoption in Rwanda and participation in the international trade and noted its limited use.

    by Rwandan companies.

    “The strong link between e-commerce and exporting, and the lack of information on foreign markets regularly cited by companies in Rwanda, suggests that investment in Internet infrastructure can provide isolated companies, such as those in rural and urban underdeveloped areas, low-cost connectivity.

    to markets and customers, and increase the participation of local companies in international trade,” said Calvin Djiofack, Country Economist at the World Bank. According to REU19, Rwanda has placed great emphasis on developing services to increase employment, income and export earnings.

    However, the country faces a skills deficit that, if not addressed, will limit the potential growth of highly specialized services exports.

    One of the measures the report recommends to boost opening up to trade in services is for Rwanda to address its short-term skills shortage by recognizing the qualifications of regional professionals and abolishing work permit regimes for them.

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