While addressing Ugandans on the commemoration day of NRM, President Yoweri Museveni said Uganda’s economy will grow to $44b (about Shs155 trillion) by July this year.
He added on that National Resistance Movement (NRM) leaders must redouble their efforts on achieving universal wealth creation for Uganda to stay the middle-income status course.
“The journey forward is going to get serious, intense, but also profitable,” he said at Kololo Independence Grounds during the 36th NRM victory day anniversary yesterday.
The event had over 550 invited guests as this was in line with Standard Operating Procedures (SOPs) with regard to Covid-19.
Museveni claimed that Uganda as on track to achieve middle-income status by now, but was derailed by the coronavirus pandemic.
“When we started [in 1986], the economy was $1.5b (about sh5.2 trillion). This means that the economy has grown 29 times in size since that time. In July, the GDP per capita will be $980 (about sh3.4m) – that is very near the middle-income status GDP per capita of $1,039 (about sh3.7m),” he said.
Since the economy is now fully open, Uganda according to Museveni was back on course.
“We can grow rapidly to a much higher level because some people have already achieved high middle-income status at an individual level,” he revealed.
In order to reach middle-income status, Museveni charted a path forward by repeating his gospel about the four pillars of wealth creation: agriculture, industry, services and ICT.
He says that these four key sectors, once harnessed, he reiterated, will foster economic growth and development.
“We can use agriculture to push the economy to middle-income status, but agriculture alone cannot sustainably move alone if you don’t add industry,” he said.
He added on saying that in the next two years, Uganda will achieve low middle-income status as a prerequisite to accomplishing the high middle-income status.