Uganda Economic Forecast
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One of the advantages associated with Uganda’s economy is the country’s substantial natural resources. Of these, the soil is fertile and there is a lot of natural gas. Other natural resources include copper, gold, cobalt, and other mineral deposits, and consistent rainfall. For exportation, Uganda ships out coffee, along with other crops. Interestingly, Uganda is rare in that has been able to rebuild and stabilize the economy since 1986 without any assistance from international agencies or foreign countries. \
One of the advantages associated with Uganda’s economy is the country’s substantial natural resources. Of these, the soil is fertile and there is a lot of natural gas. Other natural resources include copper, gold, cobalt, and other mineral deposits, and consistent rainfall. For exportation, Uganda ships out coffee, along with other crops. Interestingly, Uganda is rare in that has been able to rebuild and stabilize the economy since 1986 without any assistance from international agencies or foreign countries. \
Then from 1990 to 2001 facilities and infrastructure were also rehabilitated, inflation rates lowered, subsidies and incentives specific to exports and production were improved, and slowly, domestic security improved. With all this, exiled India/Ugandan entrepreneurs began to show more interest in the country. While the overall public debt needs to be reduced, overall Uganda has done amazingly well with the economic situation.
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Uganda GDP Forecast
Most of Uganda is controlled by the government with the private sector experiencing significant growth. While foreign investment policies are not market friendly, both India and China pour foreign capital into the country’s economy. For many years, Uganda depended on agriculture and unfortunately, with independence from the British colonial reign serious conflict arose. However, with new reforms in 2005, this country has a stable economy that is growing. For the Uganda GDP (Gross Domestic Product, Current Prices, US Dollars), 2008 closed at $14.44 billion in US dollars. Over the next year, a slight increase of 12.50% was seen, putting Uganda at number 101 worldwide and closing the new GDP at $15.736 billion. Using a special formula, experts predict that 2010’s GDP will be at $17.70 billion but by 2015, a more significant increase is anticipated, which would close the year at $27.394 billion in US currency.
Uganda Unemployment Forecast
The latest numbers reported for the Uganda population were at 32 million. Unfortunately, close to one-third of the country still lives below the international poverty line even though the country’s economy is stable. Of the 15 million working, approximately 82% have jobs in the agriculture sector. For the Uganda unemployment rate, in the city, the current rate is a little more than 3% but in rural areas it increases to around 7%. The greatest challenge is that Uganda is one of the fastest growing countries in the world and high school graduation drop out is high.
Uganda Inflation Rate Forecast
In reviewing the Uganda inflation rate, 2008 was reported at 7.30%. From 2008 to 2009, a reduction of 94.52% was experienced, putting 2009 at 14.2% and listing the country at number 12 for world rankings. For 2010, experts now believe the inflation rate for this country will end at 10.50%, reduced by 26.06% from the prior year. However, from 2010 to 2015, a relative change is seen with predictions putting the inflation rate at 5%.
Uganda Current Account Balance Forecast
The economy is also reliant on numbers for the current account balance, which uses goods, services, income, and current transfers as the primary classifications. As far as the Uganda current account balance for 2008, numbers were reported at minus $0.47 billion in US dollars. Then for year-end 2009, the numbers had a very slight change, closing at minus $0.758 billion and positioning Uganda at number 114 in the world. For the years 2010 and 2015, predictions for the current account balance are minus $0.94 billion and minus $1.353 billion in US currency, respectively.
