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Digital trade, from software sales to streaming movies, plays a bigger role than ever in the global economy. Yet with many developing countries struggling to fully participate in digital trade, now is the time for policy reforms that promote inclusion, starting with retaining the current tariff-free environment.

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Digital trade, from software sales to streaming movies, plays a bigger role than ever in the global economy. Yet with many developing countries struggling to fully participate in digital trade, now is the time for policy reforms that promote inclusion, starting with retaining the current tariff-free environment.

Digital trade has several unique benefits beyond traditional gains from trade. Software trade helps to digitalize the economy, increasing efficiency and boosting productivity. Trade in digital media, such as subscriptions to foreign journals, promotes interconnectivity, communication, and the transmission of knowledge and innovation. Finally, digital marketplaces, such as app stores or freelance programming websites, foster inclusion by reducing trade barriers for small firms and women-led businesses.

The value of global trade in digitally delivered products rose to $3.82 trillion last year, accounting for a record 54 percent share of services trade. With an 8.1 percent average annual growth rate for almost two decades, it has outpaced other categories like goods.
Digital trade in developing economies
Despite these opportunities, many developing economies, in particular low-income countries, risk falling behind. Reasons include gaps in connectivity, information and communication technology infrastructure and digital skills, as well as the lack of a predictable and transparent legal and regulatory environment. A new report by the IMF, the World Trade Organization and other international institutions on Digital Trade for Development sheds light on issues where global solutions can help make global digital trade more inclusive.

Domestic policies and regulations should enable remote transactions, enhance trust in digital markets, promote affordable access and support cross-border deliveries. Providing appropriate safeguards related to online transactions (such as data privacy, consumer protection and cybersecurity) is essential for the digital trade ecosystem to thrive.

And laws and regulations that ensure easy entry and exit of firms, strengthening enforcement against anti-competitive conduct and an open trade regime would promote healthy competition.

International cooperation on digital trade is also crucial to promote common "rules of the road"-a precondition for digital trade to continue to grow and deliver its benefits.
WTO moratorium
Although WTO agreements cover all types of trade, the only multilateral rule specific to digital trade is the moratorium on customs duties on electronic transmissions. The moratorium, which has been periodically extended since its introduction in 1998, prohibits tariffs on digital imports, thereby contributing to a stable and predictable policy environment for digital trade.

Whether to extend the moratorium will be a key issue at the WTO's 13th Ministerial Conference in February. A much-debated point in discussions ahead of the gathering in Abu Dhabi revolves around the fiscal implications of the moratorium, as some countries fear that the current rules could hurt their revenue potential and constrain their policy space. Recent research helps to inform this debate.

First, existing studies show that the moratorium has a relatively small impact on fiscal revenues-between 0.01 percent and 0.33 percent of overall government revenue on average. This is explained by low existing tariffs on digitizable products, particularly in advanced economies where digital trade has expanded the most.

Second, domestic consumption taxes are more efficient instruments for taxing digital trade and can generate higher government revenues. Recent IMF staff analysis shows that imported digitized products within the scope of the moratorium are best taxed through existing domestic consumption taxes, such as value added tax (VAT), where collection methods can be adapted for digital transactions.

Globally, the revenue potential of VAT on trade in digitized products could be about 2.5 times higher than that of tariffs at current rates.

While this difference is mostly driven by advanced economies that have higher VAT than tariff rates, the revenue potential from VAT is either larger or roughly equivalent to that of tariffs for virtually all emerging market and developing economies. VATs are also more economically efficient because they are:

broad-based and exclude intermediate inputs, thus creating less distortions per dollar raised

easier to administer as they build on existing tax infrastructure; and

easier to implement, with extensive experience across all income groups

This new staff research shows that, rather than compromising government revenues or constraining policy space, the WTO moratorium can help to effectively channel developing countries' tax reform efforts in a more efficient direction. There is no tradeoff between open and inclusive digital trade. To the contrary: open trade supports developing countries' inclusion in global digital markets.
-See the new report Digital Trade for Development, a joint publication by the International Monetary Fund, Organisation for Economic Co-operation and Development, United Nations Conference on Trade and Development, World Bank and World Trade Organization. For more information, see the IMF trade site.

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Policymakers should consider the benefits of international rules that promote a predictable policy environment, including continued tariff-free digital imports.

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Digital commerce: A growth opportunity for Greece

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Digital commerce: A growth opportunity for Greece

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Digitizing Greece’s retail and hospitality sectors could help drive macroeconomic growth by expanding digital commerce and the overall digital economy.

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At a glance

Greek businesses are less productive than their EU peers. Greece's gap in productivity with Europe is much wider among the smallest businesses (3.8 times) than among the largest businesses (1.4 times). Within Greece, the productivity gap between larger and smaller businesses is much wider (5.8 times) than the respective gap within Europe (2.0 times). Digital-driven growth is critical to closing this gap.

Despite progress in the past few years, Greece still has significant room to grow in its digitization journey. The country ranks 22nd in digitization among the EU-27, as measured by the Digital Macroeconomic Index.

Greece has recently improved its performance in key digitization indicators. The digitization of interactions between the public and the state shows that public institutions are gradually digitizing, and the country's significant deployment of EU-provided funds in support of digital objectives demonstrates a strong momentum. Greece appears well positioned to further improve its digital standing.

The economic sectors that would benefit most from increased digital commerce maturity are retail and hospitality. Assuming the right levers are pulled, Greece could increase the gross value added (GVA) of the retail and hospitality sectors by more than 20 percent each-approximately €1.6 billion and €3.0 billion, respectively.

Retail and hospitality businesses that adopt digital-commerce solutions could materially increase their profitability. Moving from having no online presence to an intermediate level of e-commerce maturity could increase the EBIT margin of a small retail or hospitality business by up to 11 percentage points and 13 percentage points respectively. The potential increase depends on the business's starting digital maturity.

Realizing this opportunity would require coordinated action by companies, the state, and society. Efforts could be considered within four areas: building skills, building trust, building awareness, and providing incentives for and capturing digital commerce's potential to drive growth.

Digital commerce is widely considered a catalyst for economic development. Many countries around the world are experiencing its benefits, including higher consumer satisfaction, increased productivity, and stronger economic growth. In Greece, digital commerce is growing but uptake still lags behind peer countries in Europe and elsewhere.

In the wake of the financial and COVID-19 crises, analysis shows the Greek economy has rebounded and the country's economic outlook appears to be stronger, as evidenced by a series of upgrades to government bond ratings. And because digital commerce could be a central contributor to Greece's economic growth, we conducted a study to explore how Greek companies and the state could help spur its development.

Our study indicates that the development of digital commerce has the potential to help specific sectors grow their gross value added (GVA) by more than 20 percent. As indicated by recent improvements in the country's digital maturity, Greek companies and public institutions have the capacity to develop the necessary tools and use digital commerce to create an engine for economic growth.

We begin this report with a review of Greece's competitiveness and digital maturity in the European context. We then outline three digitization levers (digitizing commerce, digitizing assets, and digitizing work) and assess how they could be deployed to power economic growth. Following this, we analyze Greece's competitiveness relative to its European peers at a more granular level, examining the structure and digital commerce maturity of retail and hospitality, which are the economic sectors that digital commerce can best serve as a catalyst for growth (Exhibit 1).

Narrowing our focus, we illustrate how increasing the maturity of digital commerce in these two sectors-retail and hospitality-can generate significant value for the economy. Our analysis indicates that moving to the target digital-commerce maturity level could generate €1.6 billion in retail (Exhibit 2) and €3.0 billion in hospitality (Exhibit 3).

Finally, we identify best practices and ways in which institutional stakeholders and the state could help establish a supportive environment for the development of digital commerce and the digital economy overall.

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Digital commerce: A growth opportunity for Greece

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Working together, Greek companies and the Greek state can make digital commerce an important contributor to the country's economic growth.

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Emmanuel Katto's Visionary Path for Africa's Mining Sector

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Emmanuel Katto's Visionary Path for Africa's Mining Sector

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In the heart of Africa, a seismic shift is underway as the continent braces itself for a monumental mining boom, promising to redefine its economic landscape. Spearheading this transformation is Emmanuel Katto, a visionary entrepreneur from Uganda, whose foresight heralds a new era of prosperity.

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Africa poised for unprecedented mining boom

BUSINESS INTERVIEW | THE INDEPENDENT | Africa is poised to experience an unparalleled mining boom that will unleash its immense potential and completely transform the continent's economic terrain. Leading the push is the visionary Ugandan businessman Emmanuel Katto, who has expressed his deep hope and insight into the upcoming revolution of the African mining industry.

"Africa has long been known for its abundant mineral resources, which include gold, diamonds, copper, cobalt, and many other precious minerals. But a lot of the time, these resources have been underused or exported as raw materials, which has resulted in a lost chance for the economic growth of the continent," Katto said.

However, Emmanuel Katto believes a fresh day is approaching.

"Numerous causes, such as the increased demand for minerals globally, technical developments, better legal frameworks, and the emergence of ethical mining methods, are responsible for this renaissance," he explained..

The rising demand for minerals on a worldwide scale is one of the major factors fueling Africa's mining boom.

"The global shift towards sustainable and eco-friendly technology has led to a rise in demand for minerals like cobalt, which is essential for batteries, and rare earth elements, which are used in electronics and renewable energy. African countries are in a good position to provide this expanding need," the businessman who is into mining said.

Emmanuel Katto highlights the need for the mining industry in Africa to evolve from a basic provider of raw materials to a center for downstream industries and value addition. This entails using minerals processed domestically to produce final goods and so take a bigger chunk of the value chain. African nations may boost their economies, generate income, and promote industrial development by investing in domestic processing plants.

Adopting ethical mining methods is also essential to Katto's mission. When mining is done properly, it may coexist with preservation of the environment and residents' welfare. To make sure that mining operations have a good effect on both people and the environment, he exhorts governments and mining firms to promote moral and sustainable practices.

Moreover, Emmanuel Katto believes that technology and creativity will play a major role in the upcoming mining boom. He promotes the application of contemporary technology in the mining industry to increase productivity, lessen its negative effects on the environment, and improve safety. Automation, data analytics, and artificial intelligence may transform the sector and increase its competitiveness globally.

Katto also emphasizes how crucial it is to build infrastructure in order to sustain the expansion of the mining industry. Efficient movement of raw resources and completed goods to international markets necessitates adequate energy supplies, communication infrastructure, and transportation. Infrastructure spending promotes overall economic growth in addition to helping the mining sector.

According to Emmanuel Katto, the reform of the African mining industry would entail cordial connections between local populations, mining firms, and governments. He promotes community involvement and strong regulatory frameworks to guarantee that mining operations are advantageous to all parties involved.

Emka as he is commonly referred to as, a brilliant Ugandan businessman, is leading the charge in this revolution across. Africa is poised for an unparalleled mining boom. To guarantee that Africa's natural wealth acts as a catalyst for economic development and prosperity, his vision spans responsible mining methods, value addition, innovation, infrastructure development, and cooperation. Africa has a real chance to become a mining powerhouse on a global scale because to the mining renaissance.

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Emmanuel Katto's vision for a continent on the cusp of transformation in mining sector

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Africa poised for unprecedented mining boom BUSINESS INTERVIEW | THE INDEPENDENT | Africa is poised to experience an unparalleled mining boom that will unleash its immense potential and completely transform the continent's economic terrain. Leading the push is the visionary Ugandan businessman Emmanuel Katto, who has expressed his deep hope and insight into the upcoming ...

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Resilient Global Economy Still Limping Along, With Growing Divergences

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Resilient Global Economy Still Limping Along, With Growing Divergences

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The global economy continues to recover from the pandemic, Russia’s invasion of Ukraine and the cost-of-living crisis. In retrospect, the resilience has been remarkable. Despite war-disrupted energy and food markets and unprecedented monetary tightening to combat decades-high inflation, economic activity has slowed but not stalled. Even so, growth remains slow and uneven, with widening divergences.

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The global economy continues to recover from the pandemic, Russia's invasion of Ukraine and the cost-of-living crisis. In retrospect, the resilience has been remarkable. Despite war-disrupted energy and food markets and unprecedented monetary tightening to combat decades-high inflation, economic activity has slowed but not stalled. Even so, growth remains slow and uneven, with widening divergences.

The global economy is limping along, not sprinting.

According to our latest projections, world economic growth will slow from 3.5 percent in 2022 to 3 percent this year and 2.9 percent next year, a 0.1 percentage point downgrade for 2024 from July. This remains well below the historical average.

Headline inflation continues to decelerate, from 9.2 percent in 2022 on a year-over-year basis, to 5.9 percent this year and 4.8 percent in 2024. Core inflation, which excludes food and energy prices, is also projected to decline, albeit more gradually, to 4.5 percent next year. Most countries aren't likely to return inflation to target until 2025.

As a result, projections are increasingly consistent with a soft landing scenario, bringing inflation down without a major downturn in activity, especially in the United States, where our forecast increase in unemployment is now modest, from 3.6 percent to 3.9 percent by 2025.

But important divergences are appearing, leaving activity in some regions much below pre-pandemic projections. The slowdown is more pronounced in advanced economies than in their emerging market and developing counterparts. Among advanced economies, the US growth outlook has been revised up, with resilient consumption and investment, while euro area activity was revised downward. Many emerging market economies also proved unexpectedly resilient, with the notable exception of China, which faces growing headwinds from its real estate crisis and weakening confidence.

Three forces are at play:

The recovery in services is almost complete and the strong demand that supported services-oriented economies is now softening.

Tighter credit conditions are weighing on housing markets, investment, and activity, more so in countries with a higher share of adjustable-rate mortgages or where households are less willing, or able, to dip into their savings. Firm bankruptcies are increasing in some economies, although from historically low levels. Countries are now at different points in their hiking cycle: advanced economies (except Japan) are near the peak, while some emerging market economies that started hiking earlier, such as Brazil and Chile, have already started easing.

Inflation and economic activity are shaped by last year's commodity price shock. Economies heavily dependent on Russian energy imports saw a steeper increase in energy prices and a sharper slowdown. The passthrough from higher energy prices played a large role in driving core inflation higher in the euro area-unlike the United States, where core inflation pressures instead reflect a tight labor market.

Despite signs of softening, labor markets in advanced economies remain buoyant with historically low unemployment rates helping to support activity. Real wages are catching up, but there is scant evidence of a wage-price spiral. Further, many countries experienced a sharp-and welcome-compression in the earnings distribution, with the higher amenity value of flexible and remote work schedules reducing wage pressures for high earners.

Gauging risks

While some of the extreme risks-such as severe banking instability-have moderated since April, the balance remains tilted to the downside.

China's real-estate crisis could intensify, posing a complex policy challenge. Restoring confidence requires promptly restructuring struggling property developers, preserving financial stability, and addressing the strains in local public finance.

If China's real estate prices decline too rapidly, the balance sheets of banks and households will worsen, with the potential for serious financial amplification. Artificially supporting real estate prices may temporarily protect balance sheets, but this will crowd out other investment opportunities, reduce new construction, and hurt local government revenues through reduced land sales. Either way, China's economy must pivot away from growth that relies on credit for the real estate sector.

Meanwhile, commodity prices could become more volatile amid climate and geopolitical shocks, a serious risk to disinflation. Between June and late September, oil prices had increased by about 25 percent amid extended supply cuts by OPEC Plus, the Organization of the Petroleum Exporting Countries and selected nonmembers, before falling back by about 11 percent. Food prices remain elevated and could be further disrupted by an escalation of the war in Ukraine, inflicting greater hardship on many low-income countries. Geoeconomic fragmentation has also led to a sharp increase in the dispersion in commodity prices across regions, including critical minerals. This could pose serious macroeconomic risks, including to the climate transition, as we show in Chapter 3 of our latest World Economic Outlook.

And, while both underlying and headline inflation have decreased, they remain uncomfortably high. Near-term inflation expectations have risen markedly above target, although they now appear to be turning a corner. As Chapter 2 of the WEO details, bringing these near-term inflation expectations back down is critical to winning the battle against inflation.

In addition, fiscal buffers have eroded in many countries, with elevated debt levels, rising funding costs, slowing growth, and an increasing mismatch between the growing demands on the state and available fiscal resources. This leaves many countries more vulnerable to crises and demands a renewed focus on managing fiscal risks.

Finally, despite tightening monetary policy, financial conditions have eased in many countries, as detailed in the latest Global Financial Stability Report. The danger is of a sharp repricing of risk, especially for emerging markets, that would further strengthen the US dollar, trigger capital outflows, and increase borrowing costs and debt distress.

Policy priorities

Under our baseline scenario, inflation continues to recede as central banks maintain a tight stance and avoid easing prematurely. Once the disinflation process is firmly established, with decreasing near-term inflation expectations and inflation targets coming into sight, gradually cutting the policy rate will be appropriate, while maintaining a commitment to price stability.

Fiscal policy needs to rebuild buffers, including by removing energy subsidies, while still protecting the vulnerable. This will also aid disinflation. Fiscal and monetary policies pulled in the same direction last year as many pandemic emergency fiscal measures were unwound, but they are less aligned this year. The substantial widening of the fiscal deficit in the United States is most worrying, as fiscal policy should not be pro-cyclical, especially at this stage of the inflation cycle.

We should also return our focus to the dimming medium-term outlook. Global growth prospects are weak, especially for emerging market and developing economies. The implications are profound: a much slower convergence toward the living standards of advanced economies, reduced fiscal space, increased debt vulnerabilities and exposure to shocks, and diminished opportunities to overcome the scarring from the pandemic and the war.

With lower growth, higher interest rates and reduced fiscal space, structural reforms become key. Higher long-term growth can be achieved with a careful sequencing of reforms, starting with those focused on governance, business regulation and the external sector. These first-generation reforms help unlock growth and make subsequent reforms-whether to credit markets, or for the green transition-much more effective.

Multilateral cooperation can help ensure countries achieve better growth outcomes. Countries should avoid implementing policies that contravene World Trade Organization rules and distort international commerce. And countries should safeguard the flow of critical minerals, needed for the climate transition, and of agricultural commodities. Such "green corridors" would help reduce volatility and accelerate the green transition.

Finally, all countries should prevent geoeconomic fragmentation that impedes progress toward a shared prosperity. Instead, they should work to restore trust in rules-based multilateral frameworks that enhance transparency and policy certainty. A robust global financial safety net with a well-resourced IMF at its center is essential.

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Resilient Global Economy Still Limping Along, With Growing Divergences

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Likelihood of a soft landing has increased, but growth forecast is lowest in decades

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Economy of world set to grow 2.9%, says OECD

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Economy of world set to grow 2.9%, says OECD

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In its latest, cautiously optimistic Interim Economic Outlook global forecast, the OECD said it now expects the world's economy to do slightly better than it anticipated previously, when growth of 2.7 percent was expected.

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Share - WeChat

The global economy will expand by 2.9 percent in 2024, according to the Paris-based Organization for Economic Cooperation and Development, or OECD.

In its latest, cautiously optimistic Interim Economic Outlook global forecast, the OECD said it now expects the world's economy to do slightly better than it anticipated previously, when growth of 2.7 percent was expected. The reason for the improved outlook, the OECD said in Monday's report, was its expectation that inflation in the United States, the world's largest economy, would continue to ease, and that the country's national bank would, therefore, be able to cut interest rates later this year. The OECD said it expects the US to report annual growth of 2.1 percent for 2024, up from the 1.5 percent predicted in November. It said the growth will largely be down to increased private consumption.

European nations in the eurozone will see collective growth of 0.6 percent, the OECD reported, which is down from the previous prediction of 0.9 percent.

Much global growth will come from the world's second-largest economy, China, the OECD added, which it expects to grow economically by 4.7 percent.

The expected global growth rate of 2.9 percent is down from the 3.1 percent seen in 2023 and would make 2024 the third consecutive year in which global growth had slowed, the OECD added.

The organization said it expects the world's economy to start to expand more quickly next year, with 3 percent predicted because of an anticipated "widespread easing of monetary policy".

The OECD concluded that nations and economic blocs should continue, for now, to adopt restrictive monetary policies and to ensure "underlying inflationary pressures are durably contained". It said there will likely be some scope for the US and European Union to make modest cuts to interest rates during the second and third quarters.

The OECD also said countries should try to keep inflation below the target of 2 percent, and cautioned that labor costs are currently too high to make that target easily achievable.

"Scope exists to lower policy interest rates as inflation declines, but the policy stance should remain restrictive in most major economies for some time to come," the report concluded.

The biggest threat to the global economy in the coming months is emanating from the Middle East, because of the ongoing conflict in Gaza, the report noted.

"A widening or escalation of the conflict could disrupt shipping more extensively than presently expected, intensify supply bottlenecks, and push up energy prices if traffic is interrupted in the key routes for the transport of oil and gas from the Middle East to Asia, Europe and the Americas," the report said.

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Economy of world set to grow 2.9%, says OECD

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Share - WeChat The global economy will expand by 2.9 percent in 2024, according to the Paris-based Organization for Economic Cooperation and Development, or OECD. In its latest, cautiously optimistic Interim Economic Outlook global forecast, the OECD said it now expects the world's economy to do slightly better than it anticipated previously, when growth of 2.7 percent was expected.

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Emmanuel Katto Foundation Enriching Children's Lives Through Education

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Emmanuel Katto Foundation Enriching Children's Lives Through Education

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Emka (Emmanuel Katto) is committed to improving the lives of the underprivileged children through his foundation by providing them with education that will help them build their character and discipline, so that they can grow into a wise countryman in the future, contributing to the country's development.

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To reach their full potential, every kid has a right to education and access to high-quality services. Boys and girls with education should be allowed to engage in decision-making to create a better future for themselves and their communities. The Emka Foundation, an organization that primarily focuses on the life of society's underprivileged children, was founded by Emmanuel Katto (Emka). This foundation's main goal is to give disadvantaged children in society access to basic essentials including food, medicine, and education.

Even though Uganda has made strides toward implementing universal primary education, many kids still fall short of meeting minimum standards for literacy and numeracy. Low learning levels cause low completion rates, and a large number of students struggle to move between grades. Dropout rates are also high. Emmanuel Katto Uganda through his Emka Foundation thrives to transform the education system in Uganda through various initiatives such as providing basic elementary education to the children.

The percentage of adults aged 15 and older who can read and write with understanding a brief, straightforward statement about their daily lives is known as the adult literacy rate. The 2021 literacy rate for Uganda was 79.00%, up 2.47% from the previous year. The improvement in literacy rate is quite slow and in the majority of the regions in Uganda, it is quite hindered.

Emka (Emmanuel Katto) through his foundation believes in transforming the life of the underprivileged children, by providing them with education in a way that, it can play a vital role in building their character and discipline, so that they can become a wise countryman in the future, contributing towards the development of the country.
How Emka Foundation Can Brighten the Future of Children?
Education is the light that holds the potential in brightening the future of a child. This is a basic human right that no one should be deprived of. The foundation has so far transformed the life of many deprived children by equipping them with education and it is making a difference today as well.

Emka Foundation's efforts such as elementary education for all, getting more children from poor families at an early age, ensuring quality teaching and learning experience, developing infrastructure, strategies in eradicating inequality in education, and many more have played a wider role in ensuring education to every poor child in Uganda.

His foundation has so far built more than 12 classrooms for each elementary school. The foundation team has so far built more than 10 shelters in each region to provide education to those children who are far from the elementary school venue. Uniforms and books, including midday meals, are given to every child from the foundation and progress in terms of education is evaluated every month. Till date, the foundation has been operating these steps effortlessly by engaging more children in education. "Education for All" is the primary motto of the foundation that lies in building a positive future for a child.

Emmanuel Katto Uganda considers education as the strongest tool which holds the power to change the future of a child and make him or her a successful and a wise countryman, for all the all-around development.

Unprivileged and deprived children of Uganda have subsequently benefitted from the efforts and initiatives of the foundation. From providing resources such as books and notebooks to basic quality education, it has in a way shaped a futuristic way for children regardless of their economic condition.

Everyone has equal access to quality education, and no one should be away from it, considers Emmanuel Katto. He has rolled out many initiatives that fall in the favor and welfare of the poor children of Uganda. Other initiatives such as building classrooms, skills development programs, opportunities generation, and many more have been taken into consideration by the foundation, and to date the foundation is working effortlessly in transforming the life of children in Uganda in education terms.

Thus, the foundation under the leadership of Emka (Emmanuel Katto) from Uganda is continuously making progress in changing the life the deprived children in Uganda in the field of education. Such steps will light up the futuristic way of the children.

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emka foundationemka foundation of emmanuel katto transforming children's life with education
emmanuel katto uganda through his emka foundation thrives to transform the education system in uganda

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Emka Foundation of Emmanuel Katto Transforming Children's Life with Education

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Emmanuel Katto Uganda through his Emka Foundation thrives to transform the education system in Uganda

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Uganda’s Economy Expected to Grow by 6% in 2023/24 FY

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Uganda’s Economy Expected to Grow by 6% in 2023/24 FY

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The Ministry of Finance, Planning, and Economic Development says that the country’s economy grew by 5.3% in the Financial Year 2022/23.

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The Ministry of Finance, Planning, and Economic Development says that the country's economy grew by 5.3% in the Financial Year 2022/23.

While updating the country on the state of the economy and the expenditure limits for the second quarter of the fiscal year 2023/24, Permanent Secretary and Secretary to the Treasury, Mr. Ramathan Ggoobi, said "Uganda's economy remained on a steady path to recovery."

He said the growth in the economy surpassed the 4.6% growth achieved in the previous year.

He added that the nation anticipates an expansion rate of 6.0% in FY 2023-24.

Inflation, a concern for many economies, saw a remarkable decline in Uganda, with headline inflation dropping to 2.7% in September 2023 from its peak of 10.7% in October 2022.

According to Ggoobi, "Uganda's fiscal consolidation strategy has been effective in reducing public debt as a percentage of GDP, projected to be 47.1% as of June 2023, down from 48.4% in June 2022."

Uganda's fiscal discipline is reflected in its revenue collection, with cumulative domestic revenue collections for the fiscal year reaching Shs 6.327 trillion by the end of September 2023.

"This represents a remarkable 16.5% growth compared to the same period in the previous fiscal year."

Ggoobi adds that in the preparation of the Quarter Two release, the factors put into consideration were "the current levels of inflation and the economic situation, the need to commence the execution of capital development expenditure, the release of budget balances for domestic arrears, and the timely release of funds to local governments under the World Bank-funded projects (UGIFT and USMID)."

In terms of expenditure, the government has allocated funds to various sectors aimed at promoting economic growth and development.

Key allocations include Ushs 1.842 trillion for wages in Q2, Ushs 529.7 billion for the Parish Development Model (PDM), Ushs 100 billion for the Emyooga program, and Ushs 42.5 billion for the capitalization of the Uganda Development Bank (UDB).

Additionally, Ggoobi said, "Ushs 434.01 billion has been released for the operations of security institutions and Ushs 420 billion for statutory votes, including Parliament, the Electoral Commission, and the Judiciary."

According to Ggoobi, "On June 30, 2023, all verified 10,585 SACCOs were capitalized with Shs 100 million each. Disbursements from SACCO Accounts to beneficiaries now stand at 63%."

Ggoobi said all Chief Administrative officers should ensure that all funds are disbursed 100% by end of October so that beneficiaries can take advantage of the rainy season.

The government also revealed its commitment to development expenditure, with allocations for Local Governments (494 billion), Uganda National Roads Authority (421.127 billion), Ministry of Energy and Mineral Development (253.087 billion), Ministry of Water and Environment (201.89 billion) and Ministry of Works and Transport (124.29 billion) of which 41 bn has been allocated to the construction of the Meter Gauge railway line.

He adds that "the balance on arrears of Shs 102.877 billion is programmed for release within the quarter to facilitate payment of outstanding obligations to the suppliers of government."

In his concluding remarks, Ggoobi emphasized the importance of fiscal responsibility and timely payments, urging all accounting officers to ensure the smooth flow of wages, salaries, pensions, and gratuity payments.

Furthermore, he stressed "the need for transparency by displaying payrolls on government institution notice boards and efficient supervision of government programs and projects."

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Uganda's Economy Expected to Grow by 6% in 2023/24 FY

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The Ministry of Finance, Planning, and Economic Development says that the country's economy grew by 5.3% in the Financial Year 2022/23. While updating the country on the state of the economy and the expenditure limits for the second quarter of the fiscal year 2023/24, Permanent Secretary and Secretary to the Treasury, Mr. Ramathan Ggoobi, said ...

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Uganda is planning a massive clean energy expansion – paid for by oil

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Uganda is planning a massive clean energy expansion – paid for by oil

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Uganda plans to increase its clean energy capacity more than twentyfold over the next two decades in order to expand electricity access to its 45 million residents. But funding for this ambitious plan will rely on revenues from a controversial oil pipeline being built across the country.

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Uganda is planning a massive clean energy expansion - paid for by oil

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Uganda announced a plan at COP28 to use oil revenues to fund a rapid expansion of clean energy across the east African country

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Discovering the Beauty of the World: Embracing the Splendor by Emmanuel Katto Uganda

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Discovering the Beauty of the World: Embracing the Splendor by Emmanuel Katto Uganda

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In a world that is often ruled by turbulence and uncertainty, it is easy to lose sight of the sheer beauty that surrounds us. From the majestic mountains to the serene waters, I, Emmanuel Katto, think that our planet is a work of art that is simply waiting to be found and appreciated.

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From Kampala to the Nile: Emmanuel Katto's Weebly Tales

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From Kampala to the Nile: Emmanuel Katto's Weebly Tales

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In a world where technology dominates our lives and screens command our attention, it's important to remember the unparalleled beauty of the natural world. Whether it's the breathtaking expanse of a starlit sky or the gentle rustle of leaves in the wind, nature has a way of grounding us and reminding us of what truly matters.

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In the midst of our bustling lives, filled with deadlines, responsibilities, and the constant buzz of technology, it's all too easy to overlook the exquisite beauty that surrounds us. I Emmanuel Katto sees the majestic mountains to the delicate intricacies of a flower petal, our world is a canvas painted with hues of wonder and awe. It's time to pause, take a deep breath, and embark on a journey to explore the sheer magnificence of the world we inhabit.

Nature, in all its splendor, never fails to captivate our hearts and minds. Imagine standing atop a rugged cliff, the wind whispering secrets as it dances through your hair, and your gaze is met with an endless expanse of azure skies meeting the deep, cerulean sea. The ocean, with its rhythmic waves crashing against the shore, carries tales of ancient voyages and hidden treasures, reminding us of the boundless mysteries that lie beneath its surface.

Venture further inland, and you'll find yourself amidst lush forests teeming with life. Each tree stands tall, a testament to resilience and strength, while the symphony of birdsong fills the air with melodies that echo through the ages. Sunlight filters through the canopy, casting enchanting patterns on the forest floor, where delicate wildflowers bloom in a kaleidoscope of colors, painting the landscape with their gentle grace.

But beauty is not confined to the natural world alone. It can also be found in the vibrant tapestry of human culture and creativity. Wander through ancient cities adorned with architectural marvels, where each stone tells a story of triumph and innovation. Marvel at the intricate designs of a centuries-old cathedral, or lose yourself in the labyrinthine streets of a bustling market, where the sights, sounds, and smells mingle in a sensory symphony.

Art, in its myriad forms, serves as a mirror to the human soul, reflecting our deepest emotions, aspirations, and fears. From the haunting notes of a violin solo to the bold strokes of a painter's brush, artists across the ages have sought to capture the essence of existence itself. In museums and galleries, we are transported to worlds both real and imagined, where the boundaries of time and space dissolve, leaving only the pure essence of beauty behind.

And let us not forget the beauty of human connection - the warmth of a smile, the embrace of a loved one, the laughter shared amongst friends. In a world often marred by division and strife, these moments of connection serve as beacons of hope, reminding us of the inherent goodness that resides within each and every one of us.

In the hustle and bustle of modern life, it's all too easy to lose sight of the beauty that surrounds us. But if we take the time to pause, to open our eyes and our hearts to the wonders of the world, we will find that beauty is everywhere - in the whisper of the wind, the laughter of children, the kindness of strangers. So let us embrace the enchantment of our world, reveling in its beauty and celebrating the magic that lies within and beyond.

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Reveling in the Beauty of Our World: Embracing the Enchantment

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In the midst of our bustling lives, filled with deadlines, responsibilities, and the constant buzz of technology, it's all too easy to overlook the exquisite beauty that surrounds us. I Emmanuel...