World Economy

Uganda Growth Forecast Cut

Uganda Growth Forecast CutUganda Growth Forecast Cut

The International Monetary Fund cut its forecast for Uganda’s growth for the fiscal year ending next month to between 3.5 and 4% from 5% on Tuesday, blaming drought and slow credit growth, Reuters reported. Growth would return to around 5% in 2017/18, assuming weather conditions and credit flows improved, the fund said in a statement. But a range of factors, also including slow progress on public infrastructure investments, were weighing on the current data, it added. “The drought held back activity in the first part of the year. Private sector credit is an additional drag,” the statement said.


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