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The World Bank has, in its latest forecast, painted Uganda’s economic prospects for 2024 as much brighter compared to her neighbours in the Sub-Saharan Africa region. The World Bank published its ‘Global Economic Prospects Report’ on 8th January showing Uganda’s growth is projected to strengthen between 5.4 percent in 2024 and 5.7 percent in 2025 largely backed by oil investments. This is slightly below the Bank of Uganda’s projections at 6 per cent for the Financial Year 2023/24 supported by the continued recovery of industry, agriculture, construction, services and continued foreign direct investments. The World Bank shows a similar pattern…
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Uganda’s export earnings in 2019, grew by 11.9% from USD3.6 billion in 2018 to USD4.1 billion in 2019. This was despite a 79% decline in formal and informal export earnings from Rwanda- from USD257.5 million in 2018 to USD54.3 million in 2019. Rwanda, one of Uganda’s top five sources of export revenue, closed its borders with Uganda in February 2019- constructing the movement of people and goods to a bare minimum. Gold was the leading export revenue earner- accounting for 31% or USD1.3 billion- followed by coffee at 11% or USD438.5 million. Gold earnings have since 2016 replaced coffee as…
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