The World Bank in Uganda

Uganda’s growth is estimated to reach 6.0% in FY24 from 5.3% in FY23, despite global economy instability, geopolitical tensions, and regional conflicts. Growth is supported by favorable weather conditions, investments in the oil sector, and progress on implementation of the Parish Development Model (PDM). The first phase of the PDM – the new government strategy – established and fully capitalized 10,585 savings and credit cooperatives in FY23 and disbursed UGX877 billion (about $239 million) in loans to 880,000 households. The industrial sector (25% of the economy) remained the top contributor to growth, followed by services (44% of the economy). Thanks to an oil-related construction boom, Foreign Direct Investment (FDI) reached $2.3 billion during the first nine months of FY24.