Uganda Economic Update: Improving Public Spending on Health to Build Human Capital

The Ugandan economy remains resilient and is growing amid intensifying climate shocks and a challenging global environment. The outlook is positive, buoyed by diversified exports and investments in developing oil export infrastructure ahead of the start of oil production in 2025, according to the new World Bank Uganda Economic Update: Improving Public Spending on Health to Build Human Capital. The report notes that real gross domestic product (GDP) growth accelerated from 5.3% in FY22/23 to an estimated 6% in FY23/24. The low inflation and recovery of real income and employment bolstered consumption, while private investment remained resilient despite tight domestic and global financial conditions. As a result, exports and manufacturing orders increased between August 2023 and May 2024. Per capita income reached about $980 in FY22/23, and continued growth will push Uganda closer to the lower-middle-income country threshold. https://www.worldbank.org/en/country/uganda/publication/uganda-afe-economic-update-improving-public-spending-on-health-to-build-human-capital