In short
The Bank of Uganda Governor, Prof. Emmanuel Tumusiime-Mutebile says Ugandas real economic growth for the 2015/16 financial year will be five percent instead of 5.8 percent.
The Bank of Uganda has downgraded Uganda's economic growth for the 2015/16 financial year from 5.8 percent to five per cent.
The Central Bank Governor, Prof. Emmanuel Tumusiime-Mutebile made the announcement when delivering the monetary policy statement for December 2015 in Kampala on Wednesday.
The real economic growth rate is a measure of the rate of change that a nation's gross domestic product experiences from one year to another, and is adjusted according to inflationary pressures.
Mutebile said despite the projection, the growth rate could change upward or downward, due to shocks.
//Cue in: The projection for …
Cue out: … next twelve months."//
Mutebile listed some of the shocks as slow growth of major markets and declining global commodity prices.
//Cue in: The major risk …
Cue out: … in the US.
Mid this year, both the Ministry of Finance and the Bank of Uganda projected that the economy would grow by up to 5.8 percent this financial year.
The International Monetary Fund, in late November, however, revised Uganda's growth forecast for the 2015/16 downwards from the projected 5.8 percent to five percent.
According to the International Monetary Fund, the five percent growth is expected to remain at that level, reflecting tight credit conditions.
The Central Bank Governor, Prof. Emmanuel Tumusiime-Mutebile made the announcement when delivering the monetary policy statement for December 2015 in Kampala on Wednesday.
The real economic growth rate is a measure of the rate of change that a nation's gross domestic product experiences from one year to another, and is adjusted according to inflationary pressures.
Mutebile said despite the projection, the growth rate could change upward or downward, due to shocks.
//Cue in: The projection for …
Cue out: … next twelve months."//
Mutebile listed some of the shocks as slow growth of major markets and declining global commodity prices.
//Cue in: The major risk …
Cue out: … in the US.
Mid this year, both the Ministry of Finance and the Bank of Uganda projected that the economy would grow by up to 5.8 percent this financial year.
The International Monetary Fund, in late November, however, revised Uganda's growth forecast for the 2015/16 downwards from the projected 5.8 percent to five percent.
According to the International Monetary Fund, the five percent growth is expected to remain at that level, reflecting tight credit conditions.
