Uganda has been the subject of debate in the international community owing to two key reasons.
The first is its new anti-gay bill, which most Western countries regard as severe, and the second is its oil pipeline project with Tanzania, which has been projected to be very damaging to the environment.
These stances taken by the East African country have not been without their consequences, most of which have been economical, however, Uganda has been projected to perform better in 2024.
World Bank predicts a significant jump in Uganda’s economy from 5.3% in 2023 to 6.0% in 2024.
Investments ahead of new oil production in 2025 are set to contribute to Uganda’s economy.
Despite the controversy surrounding the EACOP, Uganda remains committed to the project.
According to a recent report by the World Bank titled “The Global Economic Prospect 2024”, Uganda’s economic growth is set to go from 5.3% in 2023 to 6.0% in 2024.
“Growth is expected to be relatively strong among some of the largest LICs, including Ethiopia and Uganda,” the report reads.
“Uganda will also benefit from infrastructure investment ahead of new oil production in 2025,” the report adds.
By Business Insider Africa
