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Economic Status. Uganda has shown impressive economic growth, averaging 6.5% per annum in the 1990s and 2000s. Recent estimates project growth to reach 6.0% in FY2024, up from 5.3% in FY2023. The government aims to expand the economy from the current GDP of US$50 billion to US$500 billion by 2040. However, challenges remain:

The rate at which the population is growing in Uganda in recent years contributes much to the economic challenges facing the country, hence affecting development. ... One of the post-independence concerns in Uganda today is that ethnic has been detrimental to national unity, democracy, and development. The ethnicity challenge is attributed to ...

Despite its potential, Uganda faces numerous challenges that hinder its economic growth and development. This article explores the multifaceted issues impacting Uganda’s economy, ranging from political instability to infrastructure deficits and socio-economic disparities. Political Challenges. Political Instability and Governance Issues:

NB. Mountain gorillas are critically endangered), etc. are some of the major environmental issues facing Uganda today. The fraction of people living in absolute poverty has declined in Uganda. In fact, according to Uganda's government figures, the percentage of people living below the national poverty line declined from 31.1% in 2006 to 19.7% ...

UGANDA Table 1 2023 Population, million 48.6 GDP, current US$ billion 42.0 GDP per capita, current US$ 864.8 International poverty rate ($2.15)a 42.1 Lower middle-income poverty rate ($3.65)a 71.8 Upper middle-income poverty rate ($6.85)a 91.1 Gini indexa 42.7 School enrollment, primary (% gross)b 105.5 Life expectancy at birth, yearsb 63.6 Total GHG emissions (mtCO2e) 57.6

Recent macroeconomic and financial developments Uganda’s economy expanded 4.6% in 2023, lower than the 6.3% registered in 2022. Despite strong performance in mining, construction, and hospitality, lower manufacturing output and contractions in food production and public administration led to the slowdown. Tight fiscal policy contributed to slower economic growth, despite large investments in ...

Uganda is facing its eighth Ebola outbreak since 2000, ... Uganda’s economic outlook is tied to its nascent energy sector: the IMF predicts its economy will grow over 7% in 2025 and possibly ...

Uganda is far from being self-sustainable in economic development. It continues to be heavily reliant on foreign aid . The country received $2.1 billion in 2019, representing almost 43% of its ...

Despite facing external economic shocks and persistent domestic pressures, inflation remained controlled and stayed below the central bank’s target of 5%. A proactive monetary policy from the Bank of Uganda, which raised the Central Bank Rate (CBR) to 10% by mid-year, proved effective in curbing inflation without derailing economic growth.

Uganda’s economy has shown remarkable resilience, recording an impressive 6.1 percent GDP growth in FY2023/24, according to the World Bank’s 24th Economic Update. Strong performances in services, industry and agriculture, alongside improved exports and stable monetary policies, have fueled this expansion, the report found. Inflation has also declined sharply, falling from 8.8 percent to 3. ...

challenges Increased shocks and less momentum be-hind policy reform create challenges for sustaining economic growth and reducing poverty in Uganda. Rapid population growth has kept a large share of the popu-lation below the poverty line, while human capital and infrastructure deficits have limited the country’s growth potential and

Uganda finds itself at a critical juncture in its economic and environmental journey, facing challenges that could shape its prospects for sustainable growth.

Strategic efforts in inflation management, interest rate stabilization, and infrastructure investment formed the backbone of the country’s economic resilience Kampala, Uganda | JULIUS BUSINGE | Uganda’s economic performance in 2024 highlighted its ability to navigate global and domestic challenges while leveraging opportunities to bolster growth. Strategic efforts in inflation management ...

Over the past few years, the numbers of Uganda’s economic ride speak for themselves; a strong 7.8 per cent growth in 2019, an expected decline in 2020 due to the pandemic, followed by a rebound ...

Uganda’s recovery slowed after the second COVID-19 wave and lockdown in mid-2021. Although Omicron introduced some uncertainty, the economy has since rebounded, with the PMI increasing for the seventh successive month to a high of 55.7 in February 2022. Economic condi-tions continue to improve, buoyed by the reopening of schools, lifting of ...

Despite ongoing global economic challenges and geopolitical uncertainties, Uganda’s economy has demonstrated remarkable resilience. According to the latest World Bank report, the country’s real gross domestic product (GDP) expanded by 6.1% in fiscal year 2023/2024, an increase from the 5.3% growth recorded in the previous fiscal year.

CHALLENGES. Key obstacles include rising interest rates, subdued private sector credit, a persistent fiscal deficit and an under-financed current account deficit that is not fully financed by the financial account. ... Uganda’s economic landscape is characterized by both near-term challenges and a positive medium-term outlook. Importantly ...

It is still the argument among some quarters, but Mr Rwabwogo, who has been involved in canvassing markets for Uganda’s exports for more than 10 years now, thinks otherwise because of the unique ...

Uganda's economy is expected to grow by 5.5% in 2023, following a strong performance in the first half of the year. Inflation in Uganda is on a declining path, providing a favorable environment for economic recovery. Challenges for Uganda's economy include geoeconomic fragmentation, global inflation, and climate change consequences ...