Kampala (HAN) October 16, 2015. Public Diplomacy and Regional Investment & Security News. International Monetary Fund is more optimistic about Uganda’s economy. The institution is forecasting Uganda’s economy to grow by 6.5% this year, despite recent global economic volatility and local political uncertainty.
Uganda’s economic freedom score is 59.7, making its economy the 92nd freest in the 2015 Index. Its score has decreased by 0.2 point since last year, with improvements in half of the 10 economic freedoms, including monetary freedom and freedom from corruption, outweighed by declines in fiscal freedom and property rights. Uganda is ranked 9th out of 46 countries in the Sub-Saharan Africa region, and its overall score is below the world average.
Once a model for reform and a favored investment destination, Uganda has recorded a decline of 2.0 points in economic freedom over the past five years as the momentum for reform has slowed. This diminishment has occurred in six of the 10 economic freedoms, including a 20-point decline in financial freedom. A 15-point improvement in the investment regime is one bright spot.
Uganda has mostly recovered from its past civil and political unrest, but moderate reforms have not been enough to put the economy on the path to sustainable growth. The executive exerts serious influence on the judiciary, and foreign aid has been frozen in recent years due to corruption allegations. The business environment impedes the formation of new businesses, and most of the largely impoverished and agricultural population works in the informal sector. heritage
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