President Yoweri Kaguta Museveni has said that the Ugandan economy shall grow by 10% in the next term.
While addressing the congregation yesterday after his inauguration, the President said that he is optimistic the economy shall grow by 10% in the next five years if everything goes as planned.
He additionally said, in his 35-year term, the economy has been growing at a steady 6.2 per annum rate which only shows that in the near future, the economy will only rise higher.
The president also spoke about some sectors that have been dormant and believes with their active working, the economy of Uganda shall surely flourish as he said:
“With the activation of the oil sector, which has been dormant ever since 2006 when we discovered the petroleum and if you add the expected average growth rate of 6% per annum post-covid-19, the combination will expand the economy to an estimated US$67billion by 2026 using the exchange rate method and US$193billion, using the PPP method; meaning that the economy will be growing at the rate of between 9- 10% in the initial years of oil production.”
The confidence filled head of state said that although the 10% rate is reasonable, he still hopes that the country can develop even beyond the anticipated 10%.
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“With the rise of the literacy rate from 43% in 1986 to now 76.53%, we can achieve much-faster rates of growth and I will see to that. We have achieved rapid rates of growth in some sectors. These isolated positive rapid rates of growth, can be generalized throughout the whole economy,” he said.
Similarly, the late President of Tanzania John Pombe Magufuli was in a position to raise the country to middle-income status in just five years meaning Uganda can also lift her economy far beyond our expectations.