Uganda plans to reach 500 billion dollars of GDP by 2040
Uganda has approved a "Tenfold Growth Strategy," a roadmap aimed at maintaining high economic growth over several years and achieving $500 billion in GDP by 2040.
Uganda's strategy is based on several key factors. The focus is on agroindustrialization, where special attention is paid to the processing of agricultural raw materials at the local level to generate greater profits. Tourism and mining of mineral resources have high potential. In addition, the authorities rely on science, technology and innovation to modernize the economy.
The role of the private sector appears to be crucial in these transformations. The Government is seeking to improve access to loans, which are often considered too expensive for local businesses, and to develop financial markets.
Uganda, with a population of almost 46 million people, remains a low-income but dynamic economy. According to international organizations, economic growth ranges from 7 to 7.5 percent per year.
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