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Addressing a media briefing, Dr Chris N. Mukiza, the Ubos executive director, stated that government data for the 2021/22 financial year proved that Uganda’s gross domestic product per capita estimated at $1,046, has reached the middle-income benchmark.
Uganda Bureau of Statistics (Ubos) has insisted that the country has passed lower middle-income status. Addressing a media briefing, Dr Chris N. Mukiza, the Ubos executive director, stated that government data for the 2021/22 financial year proved that Uganda’s gross domestic product per capita estimated at $1,046, has reached the middle-income benchmark.
World Bank had released its economic update on July 1st, the biannual analysis of the macroeconomic outlook,where Uganda’s gross national income per capita for the 2020/21 financial was estimated at $840 in FY2021. During his Nation address on June 6, President Museveni also announced that government data put Gross Domestic Product (GDP) per capita at $1,046 above the entry point for the lower middle-income status is $1,036.
The World Bank noted that there was significant improvrment in Uganda’s income per capita between 2001 and 2011, narrowing the gap to lower middle-income status from 75 percent in 1994 to 17 percent at the end of that period. However, after that Since the gap has grown to 19 to 26 percent, due to the growth in population groth.
Therefore the World Bank concluded that Uganda remained a low-income country, despite the assertions from President Museveni and Finance minister Matia Kasaija that the economy had risen to middle-income status.
Real gross domestic product recorded a growth of 4.3 percent in the first half of 2022 supported by a strong and revival of the service sector.The Bank slashed projection for economic growth this year to 3.7 percent, down from the previous six percent pre-pandemic estimate.The Bank cut its projection for economic growth this year to 3.7 percent, down from the six percent pre-pandemic estimate.
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