• Contact Us
  • About Us
  • Advertise
  • Donate
  • Login
Watchdog Uganda
  • Home
  • News
    • National
    • Politics
    • World News
    • Media Outreach Newswire
    • Africa News
    • Tourism
    • Community News
    • Luganda
    • Sports
      • Football
      • Motorsport
  • Op-Ed
    • #Out2Lunch
    • Conversations with
    • Politics
    • Relationships
  • Business
    • Agriculture
    • CEOs & Entrepreneurs,
    • Companies
    • Finance
    • Products
    • RealEstate
    • Technology
  • Entertainment
    • Lifestyle
  • People
    • Showbiz
      • Salon Mag
  • Special Report
    • Education
    • Voices
  • Reviews
    • Products
    • Events
    • Hotels
    • Restaurants
    • Places
  • WD-TV
  • Donate
  • China News
No Result
View All Result
  • Home
  • News
    • National
    • Politics
    • World News
    • Media Outreach Newswire
    • Africa News
    • Tourism
    • Community News
    • Luganda
    • Sports
      • Football
      • Motorsport
  • Op-Ed
    • #Out2Lunch
    • Conversations with
    • Politics
    • Relationships
  • Business
    • Agriculture
    • CEOs & Entrepreneurs,
    • Companies
    • Finance
    • Products
    • RealEstate
    • Technology
  • Entertainment
    • Lifestyle
  • People
    • Showbiz
      • Salon Mag
  • Special Report
    • Education
    • Voices
  • Reviews
    • Products
    • Events
    • Hotels
    • Restaurants
    • Places
  • WD-TV
  • Donate
  • China News
No Result
View All Result
Watchdog Uganda
No Result
View All Result

World Bank urges Uganda to strengthen regional trade to achieve sustainable growth

Mourice Muhoozi by Mourice Muhoozi
3 years ago
in Business, Finance, News
0 0
ShareTweetSendShare

Strengthening regional trade is a sustainable trajectory to achieve steady economic growth, World Bank has advised Uganda.

The global monetary body urged Uganda to put all its synergies on crafting policies and modalities to revitalize trade beyond regional borders in terms of increasing agricultural exports and strengthening sectors which rely on regional trade like education, transport, tourism, among others.

Ms. Sashana Whyte in particular, who is the World Bank Senior Economist and lead author of the current Uganda Economic Update (UEU) encouraged the East African land locked country to think strategically and work to boost trade beyond the East African Community.

“Policymakers must now focus on implementing policies designed to maximize the potential of regional trade,” said Ms.Sashana.

According to the 20th edition of UEU, Uganda’s recovery from devastating effects of Covid-19 is happening along with other impressive benefits like a return to its pre-pandemic path to growth, with economic recovery bolstered by the strong performance of the services and industrial sectors, massive private consumption, and a peak in private investment.

The 20th UEU edition tailored around the theme; “Unlocking the Benefits of the African Continental Free Trade Area and Regional Integration” is a twice-yearly analysis of Uganda’s near-term macroeconomic outlook.

The analysis predicts a sustained recovery driving real Gross Domestic Product (GDP) growth to 5.5% during fiscal year 2022/23 from 4.7% in fiscal year 2021/22.

This impressive recovery is said to have started at the beginning of the year and accelerated throughout 2022. The medium-term outlook also remains broadly positive, hinged on continued implementation of the country’s Third National Development Plan (NDP III) and full recovery of global trade.

Mr. Mukami Kariuki, the World Bank Country lead for Uganda said the creation of an enabling environment by policy makers which made it possible for the private sector to make sustainable investments facilitated this kind of steady growth.

“The success of the NDP III rests on the government’s creation of an enabling environment for the private sector to invest and grow in, by establishing a sound business climate and investing in workforce skills. As Uganda takes advantages of the high commodity prices, stronger exports strengthen its prospects for economic growth,” revealed Mr. Kariuki.

“Fiscal spending, aimed at easing constraints on growth—including investments in energy and transport infrastructure—should help revive private investment, boost agricultural production, and energize the light manufacturing sector,” Mr. Kariuki added.

The UEU report also cited short term risks and shocks that are likely to hamper this kind of growth like more outbreaks of disease, such as COVID-19 and Ebola, coupled with related mobility restrictions.

Relateldy according to UEU, commodity price hikes, Russia-Ukraine war, the tightening of monetary policies in advanced and emerging markets to counter inflationary pressures, climatic disasters, undermining debt sustainability, are also likely to hamper this growth.

As a remedy to counter these shocks and maintain the trend of steady socioeconomic transformation, the report urges government to adopt targeted intervention measures to support vulnerable households to curtail an increase in poverty levels and food insecurity.

Other measures as suggested by the report include; pragmatically managing fiscal policy, that is to say; the use of government spending and taxation to influence the economy in order to maintain fiscal and debt sustainability.

The report also indicated that by harnessing regional trade, strong avenues will open up, pivotal for sustainably deepening growth and achieve the ambitions of Vision 2040, which is to transform Ugandan society from a peasant farming economy to a modern and prosperous country.


Do you have a story in your community or an opinion to share with us: Email us at editorial@watchdoguganda.com
ShareTweetSendShare

Related Posts

Gen. Muhoozi Kainerugaba hosted Lt. Gen. Issa Saif Al Mazrouei for key discussions on enhancing Uganda–UAE military cooperation. Both sides reaffirmed commitment to regional stability and a shared defence vision.
Community News

Uganda-UAE Strengthen Military Ties in High-Level Meeting

11th July 2025 at 15:38
Hajat Stecia Mayanja was on July 10 2025 unveiled as the leader of the National Peasants Party
News

Political Parties on the Rise as Singer Hajjat Stecia Mayanja Declared NPP Presidential Candidate

11th July 2025 at 14:36
News

Truth Revealed: Jinja City Council Clarifies On Shs4.2 Billion Return To Treasury 

10th July 2025 at 19:35
Next Post

Uganda's 2022 coffee exports fall due to drought -UCDA

  • Prostitution in Uganda- Courtesy Photo

    10 dangerous hotspots known for prostitutes in Kampala

    1127 shares
    Share 451 Tweet 282
  • Silent Billionaire Bosco Muwonge Buys Mukwano Arcade at UGX 250 Billion Cash Down

    50 shares
    Share 20 Tweet 13
  • Who is Bosco Muwonge, Uganda’s elusive real estate billionaire?

    37 shares
    Share 15 Tweet 9
  • LIST: New salary structure for civil servants starting July 2020 out; scientists, lecturers get juicy pay rise

    2289 shares
    Share 916 Tweet 572
  • Uganda’s Billionaires 2025: Once Again Sudhir Ruparelia Leads a Resilient Pack

    49 shares
    Share 20 Tweet 12
Facebook Twitter

Contact Information

Watchdog Uganda is a portal for solution journalism, trending news plus cutting edge commentaries in the fields of politics, security, business, tourism, entertainment, technology, agriculture, climate change, environment, public health et al. We also give preference to Ugandan community news and topical discussions. The portal also publishes community news and topical discussions.

Email: editorial@watchdoguganda.com
To Advertise:Click here

Latest News

Gen. Muhoozi Kainerugaba hosted Lt. Gen. Issa Saif Al Mazrouei for key discussions on enhancing Uganda–UAE military cooperation. Both sides reaffirmed commitment to regional stability and a shared defence vision.

Uganda-UAE Strengthen Military Ties in High-Level Meeting

11th July 2025 at 15:38
Mashable is a global, multi-platform media and entertainment company For more queries and news contact us on this Email: info@mashablepartners.com

Check out

  • Trending
  • Comments
  • Latest
Minister Muruli Mukasa

LIST: New salary structure for civil servants starting July 2020 out; scientists, lecturers get juicy pay rise

24th May 2020 at 10:45
Pregnant woman

Shock as 17-year old boy impregnates his two sisters during Covid-19 lockdown 

17th June 2020 at 08:17
Sudhir Ruparelia is the undisputed king of Kampala

Billionaire Sudhir’s wisdom on how to invest in real estate

0

How a boy’s destiny turned from cotton grower to communications guru

0
Gen. Muhoozi Kainerugaba hosted Lt. Gen. Issa Saif Al Mazrouei for key discussions on enhancing Uganda–UAE military cooperation. Both sides reaffirmed commitment to regional stability and a shared defence vision.

Uganda-UAE Strengthen Military Ties in High-Level Meeting

11th July 2025 at 15:38
Hajat Stecia Mayanja was on July 10 2025 unveiled as the leader of the National Peasants Party

Political Parties on the Rise as Singer Hajjat Stecia Mayanja Declared NPP Presidential Candidate

11th July 2025 at 14:36

© 2025 Watchdog Uganda

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Home
  • News
    • National
    • Politics
    • World News
    • Media Outreach Newswire
    • Africa News
    • Tourism
    • Community News
    • Luganda
    • Sports
      • Football
      • Motorsport
  • Op-Ed
    • #Out2Lunch
    • Conversations with
    • Politics
    • Relationships
  • Business
    • Agriculture
    • CEOs & Entrepreneurs,
    • Companies
    • Finance
    • Products
    • RealEstate
    • Technology
  • Entertainment
    • Lifestyle
  • People
    • Showbiz
      • Salon Mag
  • Special Report
    • Education
    • Voices
  • Reviews
    • Products
    • Events
    • Hotels
    • Restaurants
    • Places
  • WD-TV
  • Donate
  • China News

© 2025 Watchdog Uganda