The Republic of Rwanda has been ranked as the most prosperous in the East African region. Legatum Institute yesterday June 1st 2016 launched their 2016 Africa prosperity Report. An international think tank and educational charity focused on promoting prosperity, the institute researches core themes of revitalising capitalism and democracy. The report released considered eight economic and social factors including Entrepreneurship & Opportunity; Governance; Education; Health; Safety & Security; Personal Freedom; and Social Capital; this method considers both wealth and wellbeing which gives a wholesome picture. Generally the findings showed that decades of economic growth across the continent have failed to deliver greater levels of prosperity for many African countries.
On the list of 38 countries, which was topped by South Africa, East Africa had both the best and worst improved African countries these being Rwanda and Tanzania respectively.
According to the report, Rwanda has the biggest ‘Prosperity Surplus’ in Africa. Even though its GDP per capita is $1661, it came top of the rankings due to the significant reforms it has made recently to strengthen the rule of law and reduce corruption. Rwanda placed 8th in the top 10 high ranking countries.
Kenya came in next at number 11 making it the first of 18 middle ranking countries, ranking high in Entreprenuership and Opportuinty, Personal freedom and Social Capital; it ranked lowest in Safety and security.
These were followed by Uganda at 17th , Tanzania at 19th and Burundi at 36th positions. The Central African Republic was the lowest ranked country in the 38th place.
Sub-Saharan Africa itself has made significant progress on prosperity, particularly in health and opportunity, but has still been outpaced in translating wealth into prosperity by both developing Asia and Europe. Given the low hanging fruit still available in Africa, that more rapid gains have not been made is surprising. – Alexandra Mousavizadeh, Director of the Prosperity Index, Legatum Institute
The Africa Prosperity Report seeks to determine what level of prosperity African countries can and should be expected to deliver given their level of wealth, done by assessing a country’s level of wealth (GDP per capita) modelled against its overall ranking in the Legatum Institute’s annual Prosperity Index. Different reports could use different methods to rank the regional leader but according to Legatum’s well-rounded report Rwanda takes the lead in the East African region.
