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Uganda’s economy will register progressively steady growth in the next 3 to 5 years as the country bounces back from more than two years of battling the Covid-19 pandemic which saw critical sectors such as schools close for long spells, crippling productivity and hurting incomes of millions of Ugandans. The bounce-back assurance was provided by respected economists including Bank of Uganda Deputy Governor Dr. Micheal Ating-Ego, and Secretary to the Treasury, Ramathan Ggoobi during the annual Stanbic Economic Outlook Forum held last Friday in Kampala. “Key service sectors like education and hospitality are going to pick up and drive economic…
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The headline Stanbic Bank Purchasing Managers’ Index (PMI) has for the first time since February crossed into positive territory recording a reading of 50.3 in July. This follows easing of the lockdown that saw curfews revised and several businesses reopened. The PMI recorded a reading of 50.3 during July, up from 46.5 in June representing a significant recovery from the 21.6 recorded in April after the lockdown was announced. However, the figure is still below the monthly average of 52.9 before the outbreak of the Covid-19 pandemic but above the 50.0 threshold. Furthermore, spare capacity remained present in the private…
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