(Ecofin Agency) - In a report issued May 15, World Bank revealed that Uganda should record a 5.5% economic growth in the 2017-2018 fiscal year which ends next June. Moreover, the institution stressed that the country will record a higher growth by 6% during the 2018-2019 fiscal year, mainly due to favorable weather conditions and the development of infrastructure projects.

“Without external shocks, Uganda's GDP is expected to increase by about 5.5% for the current fiscal year and to reach 6% in the 2018-2019 fiscal year, thanks in particular to the accelerated implementation of infrastructure projects and favorable weather conditions,” indicate the report.

Uganda, which will soon become an oil producer in 2020, has launched various infrastructure projects, including roads, power plants, an oil pipeline, and airports.

World Bank has also pointed out that risk to economic growth outlook in the coming years could stem from greater regional instability and a slowdown in the implementation of government-led infrastructure projects.

Let’s note that the country’s Central Bank indicates that Uganda should achieve at least a 7% growth rate to enable cut public debt that surged in recent years.