Uganda government is considering Ten fold economic growth where the country intends to grow her economy from $50billion to $500billion by 2040,Finance Permanent Secretary Ramathan Goobi has revealed.
He says Uganda’s strong economic growth has been driven by infrastructure development, investment in human capital development, deliberate government programs for agriculture and agro-industrialization such as the Parish Development Model (PDM) and a conducive macroeconomic environment.
“Ministry of Finance has outlined a strategy to grow Uganda’s economy from USD 50 billion to USD 500 billion by 2040, targeting four key sectors (ATMS): agro-industrialization, tourism, mineral development (including oil and gas), and science, technology, and innovation (STI), including ICT.The plan aims to double GDP every 5 years, raise per capita GDP from USD 1,146 to USD 7,000 by FY 2039/40, increase savings from 20% to 40% of GDP by 2040, raise the share of exports in GDP from 12% to 50% and increase annual FDI inflows from USD 2.9 billion in 2022 to USD 50 billion by 2040, “Goobi explained.
He was Officiating at tge 8th level economic growth forum in Kampala held under the theme:Seizing Opportunities for Structural Transformation to Increase Productivity and Resilience.
The forum aimed ay identifying evidence based strategies & interventions to grow the economy much faster,adding that focus is on ceasing opportunities & taking advantage of the environment to achieve structural transformation.
Goobi told stakeholders that despite facing global challenges such as tighter financial conditions and supply chain disruptions, Uganda’s economy demonstrated impressive resilience by achieving a growth rate of 6.0% in FY 2023/24. This performance significantly surpasses the Sub-Saharan Africa average of 3.8% projected for 2024 and the global average of 3.2%.
The Technical Advisor Economic Affairs Mr.Moses Bekabye commenting about is the tenfold growth-expansion of the the economy from USD 50 billion in FY 2022/23 to USD 500 billion in the next 15 years said the strategic vision is based on the immense economic potential that the country remains untapped,adding that it’s also driven by the need to create jobs & increase household incomes by increasing and expanding enterprises and manufacturing capacity.
He said expanding the economy 10-fold means shifting economic growth rate to a higher trajectory,to an average real economic growth rate of about 8% & double digit growth at the onset of commercial oil & gas production.
“It also means doubling the size of the economy (GDP) every 5 years for the next 15 years,raising per capita GDP six-fold from the current USD 1,146 to about USD 7,000 in FY 2039/40 & doubling level of savings in economy from 20% of GDP to 40% of GDP in 2040,”Bekabye said.
He suggested that government focuses on sectors like Agro-Industrialization,Tourism Development,Mineral Development,including oil & gas & Science,Technology & Innovation- Knowledge economy including Research & Development to realise the dream.
Rachel Sebudde,Senior Economist at World Bank’s Uganda country office and Dr Sengalama Tom of UNDPUganda underscored the need for climate change adaptation.
Goobi told stakeholders that despite facing global challenges such as tighter financial conditions and supply chain disruptions, Uganda’s economy demonstrated impressive resilience by achieving a growth rate of 6.0% in FY 2023/24. This performance significantly surpasses the Sub-Saharan Africa average of 3.8% projected for 2024 and the global average of 3.2%.
The Technical Advisor Economic Affairs Mr.Moses Bekabye commenting about is the tenfold growth-expansion of the the economy from USD 50 billion in FY 2022/23 to USD 500 billion in the next 15 years said the strategic vision is based on the immense economic potential that the country remains untapped,adding that it’s also driven by the need to create jobs & increase household incomes by increasing and expanding enterprises and manufacturing capacity.
He said expanding the economy 10-fold means shifting economic growth rate to a higher trajectory,to an average real economic growth rate of about 8% & double digit growth at the onset of commercial oil & gas production.
“It also means doubling the size of the economy (GDP) every 5 years for the next 15 years,raising per capita GDP six-fold from the current USD 1,146 to about USD 7,000 in FY 2039/40 & doubling level of savings in economy from 20% of GDP to 40% of GDP in 2040,”Bekabye said.
He suggested that government focuses on sectors like Agro-Industrialization,Tourism Development,Mineral Development,including oil & gas & Science,Technology & Innovation- Knowledge economy including Research & Development to realise the dream.
Rachel Sebudde,Senior Economist at World Bank’s Uganda country office and Dr Sengalama Tom of UNDPUganda underscored the need for climate change adaptation.
Dr Richard Newfarmer Country Director International Growth Centre talked about structural transformation and the need to embrace policies and programs to generate the opportunities and measures to address Uganda’s bottlenecks to realise ten fold economic growth.
