NRM@34: Uganda’s Steadfast Economic Growth

The World Bank has placed Uganda among the countries in Sub Sahara Africa that will experience steady strong growth in 2020.

The World Bank Global Economic Prospect for 2020 projected that Uganda’s economy will grow by 6% this year.

This projected growth is based on the increased infrastructure investment that the country under the NRM Government made in the past years and the rising private sector activities.

The same report puts average economic growth for the Sub Sahara Africa at an improved 2.9% supported by the price up in oil production which will support falling commodity prices.

Although the project 6% is less than the 6.2% that Uganda experienced in 2018/2019 financial year, it is still better than the 5.8% in 2017/2018 and the frustrating 3.9% in 2016/2017

According to Bank of Uganda, inflation is expected to be subdued at 3.6% that was experienced as of December 2019 and not go beyond 5%.

The Bank of Uganda has also kept the Central Borrowing Rate CBR at 9% over the past months to allow the private sector growth by controlling the commercial lending rates