By; Newsroom
The country’s economy is going through a challenging period after two golden decades of growth, according to an observation by a team of bankers.
This is a sharp contrast from statements by Finance Minister Matia Kasaija that the economy is not in a bad state with a growth rate of 3.9 percent, down from 5.5 percent.
The minister listed drought and slow economic recovery in Europe as part of the reasons for a slowdown in Uganda’s economy.
But bankers, speaking at a post budget meeting in Kampala observed that the country’s economy is at its worst given the impressive growth registered in the last two decades.
Adam Mugume, the Executive Director for Research at Bank of Uganda observed that although it is not at crisis level, the economy has slackened. He questions whether ‘Kasaija’s’ budget will increase individual incomes.
Mugume acknowledges that some of the problems are due to the global environment but hastens to add that some are internal like a drop Foreign Direct Investments (FDI) which had peaked at about USD one billion but dropped by almost 15 percent in 2016.
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