Uganda’s Economy set to grow this year

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International Monetary Fund is very optimistic about Uganda’s economy. The institution is forecasting Uganda’s economy to grow by 6.5% this year, despite recent global economic volatility and local political uncertainty.

Economic experts think that it may not be possible for Uganda’s economy to grow  given the current political fears in the country and the Central bank of Uganda states that the exchange rate depreciation has raised domestic prices because of the high import bill of the consumption basket.

According to the International Monetary fund, the difficult external environment affecting other countries will certainly create challenges for Uganda but the forecast still looks positive for the country.

Uganda is currently expanding its road network and building massive hydropower dams such investments will reduce infrastructure bottlenecks and support the projected growth.

 

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