Economic growth projected at 6% growth -finance

By Tom Brian Angurini

The ministry of finance has projected economic growth for the financial year 2022/23 at 6 percent from the 3.8 percent recorded in the financial year 2021-22.

According to Finance Minister Matia Kasaija, the projected improvement in economic activity is on account of the expected recovery in aggregate demand following government interventions in reviving private sector activity.

He has told journalists in Kampala that the vaccination of the population against COVID-19 helped facilitate the full re-opening of the economy.

Kasaija also cited the performance of the agriculture sector boosted by ongoing interventions geared towards increasing production and productivity, while the services sector is also expected to regain ground with the full re-opening of the economy.

Kasaija projects growth over the medium term to reach potential levels between 6 to 7 percent supported mainly by enhanced private sector activity due to increased aggregate demand post-Covid-19; increased returns from public infrastructure investments; increased activities in the
oil and gas sector; and recovery in the industry which will be supported by manufacturing as well as public and private construction.

Written by Noelyn Nassuuna