Uganda has been named among the fastest growing economies in the world for the year 2020 that has been pulled back by the Coronavirus Pandemic.
The listing was extracted from an Opinion edition by Bloomberg, a media company that delivers business and markets news, data, analysis, and video to the world, featuring stories from all corners of the world.
Despite the down performance of economies in the world, various countries have pushed for different ways to revive the sector, with some relaxing COVID-19 restrictions. The statistics from Bloomberg indicate that Uganda’s economy percentage growth stands at 2.1% placing it second to Ethiopia in Africa; which has a 3.0% growth.
Basing on the same statistics, other countries from Africa that are having a steady growth of the economy include Ivory Coast with 2.0%, Egypt with 1.9%, Ghana with 1.3%, Rwanda with 1.3 and Kenya with 1.0% Still from the statistics, once known as the fastest growing economy in East Africa, Kenya has with no doubt, faced a drawback on the sector due its severe COVID-19 spread in the country. Its percentage growth has been declining from 6.3% in 2018 to 5.6% in 2019 and down to 1.0% at which it currently stands in 2020.
In January this year, the Brookings Institution, an American think tank, projected that Uganda will be among the fastest-growing economies on the African continent in the coming decade. In their January report, titled “Foresight Africa: Top priorities for the continent 2020-2030,” only Senegal, Rwanda and Niger economies will grow faster than Uganda between 2020—2024.
The report projected that Uganda will grow by an average of 7.2% annually during the period. This is almost twice the Sub-Saharan Africa growth average of 3.9%.