Uganda’s economy to expand 6.3% – IMF

Image result for Uganda's economy to expand 6.3% - IMFUganda’s economy is expected to grow 6.3 percent in 2019 slightly higher than the last year’s rate.

The International Monetary Fund says this will be boosted by robust activity in manufacturing and construction sectors.

IMF has projected growth at 6.1percent and Inflation to climb, but flatten out around the central bank’s target of 5 percent over the next 12 months.

The East African country needs a high and sustained economic growth rate to help generate healthy revenues to defray its huge public debt load.

The Finance Ministry says Uganda’s debt stands at 41.5 percent of gross domestic product, but the central bank believes public indebtedness has already topped 50 percent of the nation’s economic output.

The IMF said growth could hit 7 percent over the next five years if infrastructure and oil sector investments increases and private sector credit remains supportive.

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