Ramathan Ggoobi, the Permanent Secretary to the Treasury (PSST), has said that the Ugandan economy has fully recovered from various shocks and crises, with a significant economic growth of 6% in the previous fiscal year and a notable increase from an average of 4.1% recorded between FY 2019/20 and FY 2022/23.
He made these remarks during his presentation at a meeting with accounting officers of the government, where he highlighted the resilience of the Ugandan economy.
“It has fully recovered from various shocks and crises, with a significant economic growth of 6% in the previous fiscal years. As the meeting progresses, participants are encouraged to share insights and feedback on the budget execution strategies, ensuring a collaborative approach to fostering economic growth and stability in Uganda. And a notable increase from an average of 4.1% recorded between FY 2019/20 and FY 2022/23,” Ggoobi said.
He said that inflation has been effectively managed, standing at 3.9% in June 2024, which is within the target range.
Ggoobi pointed out the stability of the Uganda shilling and interest rates, which have contributed to a favorable economic environment and reflected on the positive trends in trade.
“Exports have surged to over USD 7.5 billion, up from USD 4.9 billion in 2023,” Ggoobi stated.
He projected that the economy is expected to grow between 6% and 7% in FY 2024/25, with aspirations for double-digit growth in the medium term.
Government convened a meeting to communicate and gather feedback for the fiscal year 2024/25 budget execution for the upcoming financial year on July 24, 2024, at the Imperial Royale Hotel in Kampala.
