The African Economic Outlook is a joint project between the African Development Bank and the OECD Development Centre. The project, initially funded by the EU, combines the expertise accumulated by the OECD and the knowledge of the African Development Bank on African economies. The objective is to review annually the recent economic situation and the short-term likely evolutions of selected African countries. The Outlook is drawn from a country-by-country analysis based on a unique analytical design. This common framework includes a forecasting exercise for the current and the following year using a simple macroeconomic model, together with an analysis of the social and political context. It also contains a comparative synthesis of African country prospects. A statistical appendix completes the volume. Decision-makers and economists in African and OECD countries, both in the public and private sectors, aid agencies and investors will all find this volume of significant interest.
- 03 Apr 2003
The Ugandan economy is benefiting from the successful implementation of sound economic policies. The success is shown in strong economic growth, low and steady inflation, increasing per capita incomes, and marked decline in the incidence of poverty. Real GDP growth remained strong in 2001/02 at 5.6 per cent, albeit slightly reduced from the annual average rate of 6 per cent achieved since 1994/95. The outlook on growth is stabilisation in 2002/03 with real GDP growth estimated at 5.7 per cent. Growth is projected to increase to 6.3 per cent in 2003/04. Prudent fiscal management has enabled Uganda to maintain an increased expenditure programme for poverty alleviation, which is beginning to make a positive impression on the poverty situation of the country. However, the recent budget outcome has been characterised by a widening deficit financed by large inflows of external budgetary support that has increased the dependence of the economy on foreign donors…