This small inner state in Central Africa, after the terrible events in 1994, has known a remarkable growth with an average growth of 8% per annum of the economy.Since 1995, one year after the genocide, and 2017, GDP per person has also been tripled in Rwanda. This chart shows growth in GDP per person to buy power in dollars in the past 25 years.
(from RWANDA GDP per CAPITA PPP)
How has Rwanda been doing this so quickly?
This is mainly due to the semi-authoritariarian policy of this man, Paul Kagame.
Its economic policy is characterised by a number of notable changes.
Firstly, the focus shifted from the agricultural sector to the industrial and services sector. Furthermore, Rwanda has been made a lot more attractive for foreign investment, which is reflected in the fact that Rwanda was 29th from countries around the world where the easiest way is to be acted on. [1 This is due to the low crime rates of Rwanda and the absention of much bureaucracy compared to most neighbouring countries.In addition, the country also focuses on the growth of tourism, which is clearly highlighted in the VisitRwanda programme. This program advertises for the growth of tourism to the country, and does so for example by the sponsorship of football club Arsenal. [2
The question ‘ See you ‘ can mean multiple things.
In SO-Asia I still saw and see a development continue.
But if you are talking about a country that is so immediately going to face an unprecedented economic boom?Then I think of Venezuela.
Much worse, it can’t be there.
Much better though, if the political situation improves once.
I hope that this will happen quickly, for the millions of people who are now affected by scarcity in terms of primary necessities and health care.
It is in principle a rich country with a lot of raw materials and a young population.Once a pragmatic course is followed, it can go hard and I expect that we will see there an economic development similar to neighbouring Colombia in recent decades..
There, Medellin, the ever so feared center of drug smugglers, has grown into a hip city, a center for fashion and Art, where American retirees like to settle down.
Many Southeast Asian countries take over the baton of China as a cheap country.Especially the Philippines, Vietnam and Indonesia are doing very well.
Incidentally, a country that is underdeveloped must grow economically much harder to catch up with the rich countries.In Europe 4% are already extreme, but in Asia it only starts there. African standards require between 5 and 10%, and the most extreme growth of 25% or more is achieved by countries that are just scribbling up civil wars. That says in itself og quite little, if you start with nothing it is easy to achieve high growth rates.