Uganda to be confirmed into Middle Income status soon- Museveni

By Elizabeth Ankunda

26^th Jan 2023

President Museveni has noted that Uganda’s economy will easily surpass the low middle income status in only three consecutive years.

Addressing a gathering during the 37^th anniversary of the ruling National Resistance Movement (NRM) party at Kakumiro district in mid-western Uganda, Museveni said that the country has already entered the middle-income category but it needs three consecutive years to be recognized.

Starting only its second financial year above the minimum $1,030 GDP per capita cap for low middle income status countries, Museveni forecasts Uganda’s economy to soar to $48billion by the end of June 2023, up from $1.5billion in 1986 when he captured power.

Current government data shows that Uganda’s economy started 2023 on a weak footing with the country’s public debt stock rising beyond Sh 86 Trillion amidst hardships but Museveni projects a GDP per capita of $1,067 by FY2023/24.

Museveni further promised that the government is going to add more value to more and more of the country’s raw materials like coffee and cotton which will jump start the economy to $500b in a fairly short time.

He however encouraged Ugandans to focus on wealth creation by engaging in the four sectors including commercial agriculture, industrialization, service provision and ICT.