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HomeAfricaUganda: 6.2 percent economic growth rate expected in Uganda

Uganda: 6.2 percent economic growth rate expected in Uganda

Ugandan President, Yoweri Museveni, in his New Year speech, said that his country’s economy will register an economic growth rate of 6.2 percent in 2013/2014 financial year, the local New Vision newspaper reported Thursday.

According to the paper, the Ugandan leader said the growth in the economy would be helped by greater electricity supply and heavy public investment.

“The projection for this financial year is that our economy will grow by 6.2 percent,” President Museveni was quoted as saying.

Museveni reportedly cited improved electricity supply as a key factor in fueling faster growth, stating that scarce and costly electricity had historically hobbled growth in east Africa’s third-biggest economy.

He said his government was keen on fixing bad roads and building modern railways to reduce the cost of doing business.

The Ugandan leader’s projection was said to be in line with that of the International Monetary Fund which had earlier on forcast 6.25 percent economic growth rate for Uganda.

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