Browsing: World Bank Report

Uganda’s economy must grow faster- World Bank.

Uganda will find itself with a crisis of more workers than jobs unless the country’s economy grows faster than its current pace world bank report says.

According to “Uganda: Jobs strategy for inclusive growth” a new World Bank report released early last week, Uganda has seen more than 300,000 additional workers enter the job market per year between 1992 and 2014. Between 2030 and 2041, the number is set to rise to over one million annually.

The report said that With the country’s growing population, an economic transformation that will create jobs creation requires faster urbanisation with industrialisation, which should start with the developing commercial agriculture.

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The agricultural sector in Uganda accounts for around 80 per cent of the annual export earnings and employs nearly 82 per cent of the workforce.

Three-quarters of young Ugandans entering the labour market work in agriculture …

The World Bank said Uganda’s 7 per cent projected growth rate under the National Development Plan (NDP) III, given the current economic fundamentals is too ambitious.

National Development Plan (NDP) III, is a government-working document for at least the next five years. It will start this year in the 2020/21 financial year.

Speaking during a media briefing in Kampala about the country’s economic outlook, the World Bank senior economist, Mr Richard Walker, said the government’s capital spending continues to fall, dropping to about 8 per cent in the last two financial years.

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Which he said has constrained Uganda’s fiscal policy which is characterised by low tax revenue to GDP ratio.
“Capital spending continues to fall short of expectations, diminishing the expected return from public investments. 5.3 per cent capital spending versing budget allocation of 6.4 per cent. This inability …

Digital skills gap and high cost of digital services and broadband are hindering Rwanda’s efforts to boost digital transformation, says the latest World Bank Economic Update on Rwanda.

The report reviews key building areas of Rwanda’s digital economy, highlights key progress made and challenges as the country hope to achieve high-income status by 2050 and upper-middle-income status by 2035.

Despite the public investment in digital public service delivery and digital infrastructures, the World Bank report notes that digital adoption needs to improve with interventions that will remove barriers to uptake, increase affordability and create local demand for digital services.

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According to the World Bank, increased digital transformation will only be possible if more users are brought online and become digitally enabled through greater access to digital devices and connectivity.

“Fundamentally to be part of the digital economy, people need to be connected; …