Uganda still low-income country, says World Bank
Uganda remains a low-income country, the World Bank said in a new report released on Thursday, a fortnight after President Museveni and Finance minister Matia Kasaija said the economy had risen to middle-income status.
Real gross domestic product grew by 4.3 percent in the first half of 2022 supported by a strong and speedy recovery of the service sector after the lifting of travel and social gathering restrictions, as well as sustained buoyancy of the information and communications sector.
But it was not enough to lift the country into the middle-income bracket that the National Resistance Movement government has made a major policy goal over the past two decades. In addition, the target might remain elusive for a bit longer after the Bank cut its projection for economic growth this year to 3.7 percent, down from the six percent pre-pandemic estimate.
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