President Yoweri Kaguta Museveni has disputed the Minister Matia Kasaija- led ministry of finance on the country’s economic growth, indicating they seem understated.
The Preaisent said this while delivering his State of the Nation Address on Wednesday,7 at Kololo ahead of the reading of the budget for the new financial year 2023/2024.
While delivering the country’s Fiscal performance of the past financial year, 2022/2023, Museveni noted that a result of the NRM Government’s deliberate efforts to expand the economic base of the Country, a strong foundation has been built for rapid economic growth and socio-economic transformation.
He said that in 1986, when the NRM Government took administration of the Country, the size of our economy was equivalent to US$ 1.5 billion. Today, our economy is about US$ 49.4billion. In other words, the economy has expanded by more than 30 times since 1986.
He indicated a sharp economic growth for this year which he said is projected at 5.5 percent as comoared to the 4.7 per cent for the 2021/2022 financial year.
“The economic growth for this year is projected at 5.5 percent in real terms compared to 4.7 percent last financial year 2021/22.”
Over the next five years, Museveni said the economy is projected to grow at an average of 6.5-7.0 percent per year.
The Presisent, however, punched holes in the above projection, indicating that he is convinced the economy will grow faster than that.
“But these are growth rates of the Ministry of Finance but me I believe we can grow much faster.” he said.
Muaeveni went on to elaborate reasons for his faster growth projection, giving avenues through which the boom will be attained. These include; economic stability as a result of low inflation, establishment of more manufacturing plants, continued implementation of the PDM, support to Small and Medium-Scale Enterprises through Emyooga SACCOs, the Youth and Women funds and other initiatives,increased Oil and Gas Sector activities; and growth in regional trade and the positive impact of the continued recovery of economies in the Middle East, Asia, Europe and USA which provide markets for our exports.
He projected the country’s GDP to grow up to a whooping Ugshs 207.22 trillion, translating to USD 55.17 Billion by the end of the 2023/2024 Financial Year.
“Therefore, by the end of FY 2023/24, Uganda’s GDP is projected to grow up to UShs.207.22 trillion (equivalent to USD 55.17 billion), translating to USD 156.76billion in PPP terms. This in turn is projected to grow our GDP per capita to USD 1,186, up from USD 1,096 in FY 2022.” he assured.
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