Govt projects 7% economic growth
With an economic growth rate of 7% anticipated in the upcoming years, government has voiced strong optimism about the state of the economy.
This comes after a predicted growth rate of 6 percent for the current financial year, as stated by the Ministry of Finance’s permanent secretary, Ramathan Ggoobi.
As he unveiled the first quarter budget, Mr. Ggoobi expressed optimism about the future, emphasizing that the economy had largely recovered from the shocks and uncertainties of prior years.
He credited strong performance in important areas including manufacturing, agriculture, and service delivery for this expansion.”The economy has shown remarkable resilience and recovery,” said Ggoobi.
“We are confident that with continued investment and policy support, we will achieve a 7 percent growth rate in the subsequent years.”
From 2009 to 2024, Uganda’s GDP Annual Growth Rate averaged 6.88 percent. Its highest point was 39.80 percent in the first quarter of 2010 and its lowest point was -5.60 percent in the second quarter of 2020.
According to Mr. Ggoobi, the plan depends on growing and investing in the agroindustry, tourism, science and technology, and mineral development.
Despite these optimistic projections, many Ugandans continue to feel the pinch of economic hardships.
Questions concerning the distribution of economic advantages and the inclusivity of growth are raised by many Ugandans.
Between 2029 and 2023, the services sector is estimated to have expanded by 6.6%, the industry sector by 5.8%, and the agriculture sector by 5.1%.
