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Uganda Expected to Return to Stable 6.4-7% Growth Potential in Next Financial Year, Minister Says
Uganda Expected to Return to Stable 6.4-7% Growth Potential in Next Financial Year, Minister Says
Sputnik Africa
In early May, Uganda was recognized as the top investment destination in Africa at the 13th Annual Investment Meeting in Abu Dhabi. 16.06.2024, Sputnik Africa
2024-06-16T11:12+0200
2024-06-16T11:12+0200
2024-06-17T12:51+0200
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The economy of Uganda is expected to return to a sustainable growth potential of between 6.4% and 7% in the upcoming financial year, the country's Finance Minister, Matia Kasaija, said, presenting the 2024-2025 budget.There is also a possibility that the economic figure will reach double digits within the next five years, Kasaija said.The minister emphasized that the growth of 6% is particularly remarkable in comparison to the average of 3.8% in sub-Saharan Africa.At the 13th Annual Investment Meeting (AIM) held in Abu Dhabi in early May, Uganda was recognized as the best place to invest in Africa.
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economy, uganda, east africa, finance minister, finance, economic growth, development
economy, uganda, east africa, finance minister, finance, economic growth, development
Uganda Expected to Return to Stable 6.4-7% Growth Potential in Next Financial Year, Minister Says
11:12 16.06.2024 (Updated: 12:51 17.06.2024) In early May, Uganda was recognized as the top investment destination in Africa at the 13th Annual Investment Meeting in Abu Dhabi.
The
economy of Uganda is expected to return to a sustainable growth potential of between 6.4% and 7% in the upcoming financial year, the country's Finance Minister, Matia Kasaija, said, presenting the 2024-2025 budget.
There is also a possibility that the economic figure will reach double digits within the next five years, Kasaija said.
"I am pleased to report that Uganda's economy has fully recovered from various internal and external shocks that impacted performance in the past four years. GDP is projected to grow by 6% this Financial Year (FY) 2023/2024 compared to 5.3% in FY 2022/2023," he added.
The minister emphasized that the growth of 6% is particularly remarkable in comparison to the average of 3.8% in sub-Saharan Africa.
"These numbers exclude the anticipated oil and gas revenues as well as the planned interventions to grow the economy tenfold. We shall update the projections in the medium term," he noted.
At the 13th Annual Investment Meeting (AIM) held in Abu Dhabi in early May, Uganda was recognized as the
best place to invest in Africa.
