(Ecofin Agency) - Uganda has revised down its economic growth forecasts for the fiscal year 2019-20. From 6%, growth is now expected to be between 5.2% and 5.7%, the Ministry of Finance said.
According to the department, this is due to the current covid-19 pandemic that is still spreading at a worrying pace. Although Uganda has no confirmed case yet, the government says the transport restriction measures in affected countries across the world will surely affect tourism, trade and industry, banking activities, cash transfer and the flow of foreign direct investments in the country.
Matia Kasaija (pictured), the Minister of Finance, says travel restrictions across the world will also impact the flow of imports in the country; which will lead to a disruption in the supply of inputs for the industrial sector.
Uganda expects exports to diminish over the last four months of the year; the same for imports which is expected to decline by 44% over the same period.
Moutiou Adjibi Nourou