In short
The Bank of Uganda says although the economy is estimated to grow at 4.5 percent this financial year, the outlook suggests growth will pick in financial year 2017/18 to 5.5 percent and keep going up.
The Bank of Uganda (BoU) says although the economy is estimated to grow at 4.5 percent this financial year, the outlook suggests growth will pick in financial year 2017/18 to 5.5 percent and keep going up.
In December 2016, the BoU had projected that growth would be 5.0 percent, but that is not possible now due to a subdued economic environment.
Governor Emmanuel Tumusiime-Mutebile says revising the GDP growth is mainly due to effects of the prolonged drought, adding that growth will pick up as inflation also peters out.
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The Deputy Governor, Louis Kasekende, says the onset of rain should lead to a pickup in economic growth.
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According to Kasekende, while GDP growth has been revised downwards, it will go up in the coming financial year.
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In financial year 2015/16 economic growth was projected at 5.5 percent only to be revised downwards, first to 4.8 percent and eventually to 4.6 percent.
Although the 4.5 percent is way above the Sub-Saharan average of 1.4, it is below Ugandan peers in the East African Community.
The World Bank in its 8th Edition of the Uganda Economic Update says if Uganda is to achieve lower middle income status by 2020 the economy needs to grow at 12 percent annually.
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In December 2016, the BoU had projected that growth would be 5.0 percent, but that is not possible now due to a subdued economic environment.
Governor Emmanuel Tumusiime-Mutebile says revising the GDP growth is mainly due to effects of the prolonged drought, adding that growth will pick up as inflation also peters out.
//Cue in: "I mean the …
Cue out: … normal conditions."//
The Deputy Governor, Louis Kasekende, says the onset of rain should lead to a pickup in economic growth.
//Cue in: "The information …
Cue out: … will recover."//
According to Kasekende, while GDP growth has been revised downwards, it will go up in the coming financial year.
//Cue in: In the short …
Cue out: … next 12 months.//
In financial year 2015/16 economic growth was projected at 5.5 percent only to be revised downwards, first to 4.8 percent and eventually to 4.6 percent.
Although the 4.5 percent is way above the Sub-Saharan average of 1.4, it is below Ugandan peers in the East African Community.
The World Bank in its 8th Edition of the Uganda Economic Update says if Uganda is to achieve lower middle income status by 2020 the economy needs to grow at 12 percent annually.
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