Browsing: Uganda Economic Update report

Uganda’s economy growing but not braced for shocks, says World Bank

Uganda’s GDP grew faster than initially predicted in the 2018-2019 fiscal year, but the growth is still not fast enough for the government’s lower-middle-income status and poverty reduction ambitions.

The World Bank said that data estimates released in 2019 by the Uganda Bureau of Statistics show that real GDP increased at an annual rate of 6.5% in 2018-2019, higher than its previous estimate of 6.2%.

According to the bank, the expansion maintains the rebound in economic activity recorded over the last two years. It was “driven by strong levels of domestic consumption and sustained levels of public and private investment.”

In its 14th Uganda Economic Update report, the World Bank said that the Net foreign direct investment inflows rose to 5.1 per cent of GDP in 2018-19 from 3 per cent the previous year.

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“The construction sector continues to …

Uganda need to Expand Social Protection Programs - World bank

Uganda’s economy grew by 6.5 per cent in the fiscal year 18/19, maintaining the rebound in economic activity over the last two years, according to the latest edition of the Uganda Economic Update released by the World Bank.

The 14th Uganda Economic Update report, “Strengthening Social Protection Investments to Reduce Vulnerability and Promote Inclusive Growth” shows that the country’s economy was boosted by strong consumer spending and sustained levels of public and private investment.

The World Bank advised that in order to control shocks and support more inclusive growth, Uganda’s government should expand social protection programs to areas with the highest levels of vulnerability and risk.

“Recent favourable weather and stronger agricultural growth has contributed to the recovery of household incomes and lowered the estimated poverty levels down to those observed in the 2012-2013 fiscal year. However, environmental shocks and climatic risks can quickly reverse this trend.” said the report.…