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Uganda’s economy needs to grow at 10% if it’s to attain middle income status

Noelyn Nassuuna by Noelyn Nassuuna
July 14, 2021
in Business, News
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Uganda’s economy needs to grow at 10% if it’s to attain middle income status

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By Ritah Kemigisa

Uganda must double the rate at which the economy is currently growing if it is to attain middle-income status.

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The remark from renowned economist Ramathan Goobi comes after the International Monetary Fund country representative revealed that Uganda is 12 years away from achieving President Museveni’s ambition of middle-income status.

Goobi says for this dream to become a reality, economic growth ought to grow at a rate not less than 10%.

However, the Bank of Uganda has since projected that the country’s economic outlook which is slowly recovering from the covid19 pandemic will grow at an unchanged rate of 4% for FY 2021/2022.

Goobi is meanwhile recommending that government finds a solution to reduce the fertility rate of Ugandans.

According to Goobi, the population growth rate is a key determinant of economic prosperity because per capita income growth initially depends on the population growth rate.

He insists that a society that produces more children than other products cannot achieve middle income in a single generation.

 

Tags: Uganda's economy
Noelyn Nassuuna

Noelyn Nassuuna

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Habitat for Humanity partners with NMG to promote decent housing

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August 16, 2022
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August 16, 2022
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