Home » News » Business » Economy » Uganda Won’t Achieve Middle Income Status Until 2040 – World Bank
Uganda Won't Achieve Middle Income Status Until 2040 - World Bank

Uganda Won’t Achieve Middle Income Status Until 2040 – World Bank

Uganda gaining middle Income Status as a country is something the President has been obsessed with for the past few years.

In his numerous addresses, he promised Uganda will soon jump from the cluster of third world countries to the middle income status.

However according to world Bank experts, this wait will go more than a decade further before Uganda can realize this achievement.

It was projected that by 2019-20, Uganda would be a middle income country per the government.

However the COVID-19 pandemic ravaged and pulled most economies backwards, Uganda inclusive.

This was one of the major reasons the government gave as to why they didn’t fulfill the projected achievement. It however, said the country will soon be certified as one.

According to reliable speculations, even after borrowing $1 billion from the IMF, Uganda is not about to stop borrowing.

Uganda is projected to achieve this milestone 12 years from now. However, the country has failed for 3 times in 49 years.

The IMF country representative for Uganda Izabela Karpowicz says that the country still has a financing deficit of another $1 billion (Shs 3.5 trillion) at the current exchange rate.

President Museveni said the country is about to achieve lower middle income status after readjusting 2019/20 projections. However, Karpowicz says projections indicate it could take more than a decade for Uganda to achieve the status.

This is attributed to high population growth and lower economic growth rate.

The low economic growth rates have been attributed to foreign investors who can’t develop a country but rather exploit it.

Check Also;

This is not a Paywall, but Newslex Point's journalism consumes a lot of time, hard-work and money. That's why we're kindly requesting you to support us in anyway they can, for as little as $1 or more, you can support us .

Please use the button below to contribute to Newslex Point, Inc. using a credit card or via PayPal.

Donate Button with Credit Cards

Comments

comments

Loading...

About Eninu William

William is the Chief Editor at Newslex Point. He is a creative writer who enjoys exploring new ideas in the journalism space. A good story, he believes, comes with a great deal of research. Coffee and books are his good friends.
Loading...
x

Check Also

CBK coins

President Kenyatta Unveils New Generation Coin At CBK

President Kenyatta is delighted to have unveiled the new generation coins at the CBK today. ...