Covid-19 shocks: Economy to grow by slower pace of 3.1%
Friday January 08 2021
A customer buys tomatoes at Nakasero Market. The slowdown in economic activity and international trade has resulted in major revenue shortfalls. Photo | Edgar R. Batte
Summary
Government has projected a slowdown in economic growth to 3.1 per cent - the second slowest in the recent past - due to the coronavirus.
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As the coronavirus pandemic takes its toll on the economy, Uganda’s economic growth has slowed down to second slowest rate in the recent past.
The Ministry of Finance, Planning and Economic Development has said Uganda’s Gross Domestic Product (GDP) is projected to grow by 3.1 per cent this financial year 2021, which is lower than the pre-pandemic projection of 6.2 per cent. This is arguably the second slowest rate since the Financial year 2019/2020, where the economy grew at 2.9 per cent.