Uganda Economic Update, 17th Edition, June 2021
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World Bank, Washington, DC
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The Ugandan economy is recovering from a
sharp contraction due to the COVID-19 (coronavirus) shock
that had slowed growth to its lowest pace in over three
decades. Real GDP growth is estimated to reach above 3
percent during FY21, following the modest recovery of 0.7
percent in the first half of the FY. On a calendar year
basis, real GDP had contracted by 1.1 percent in 2020, due
to the almost total lockdown that lasted over four months,
border closures except for essential cargo, and the
spillover effects of the disruption in global demand on
Ugandan exports, remittances and foreign direct investments.
The services sector was particularly hard hit, contracting
by over 3 percent in 2020, with activities in key sectors
like education and accommodation and food services largely
curtailed for most of the year. As restrictions were
loosened, business and trading conditions improved both
locally and globally allowing investments to pick up in the
last quarter of 2020, with stronger signs of recovery in the
manufacturing and construction sectors continuing into the
quarter ending March 2021. Growth in agriculture has been
sustained through the cash crops sector, which is relatively
better than the food crop sector, in the use of improved
farming practices to manage weather variability.
Palabras clave
ECONOMIC GROWTH, ECONOMIC RECOVERY, POVERTY, INEQUALITY, FISCAL TRENDS, DEBT, TRADE, ECONOMIC OUTLOOK, GREEN GROWTH, NATURAL CAPITAL, NATURAL RESOURCE DEGRADATION, CLIMATE-SMART AGRICULTURE