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World Bank Predicts a Significant Jump in Uganda’s Economy

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. Following the backlash from the East African Crude Oil Pipeline (Eacop), the joint oil pipeline project between Uganda and Tanzania, Uganda has remained committed to the project. Additionally, the president had noted that US economic sanctions cannot derail the country’s economy, following its removal from the US$ 40 billion African Growth and Opportunity Act, (AGOA). Despite this removal, the World Bank noted in its report that “increasing investment is expected to drive growth in Kenya and Uganda, partly owing to improved business confidence.”