President Yoweri Museveni (pictured) has revealed that despite Uganda’s economy being battered by the Covid-19 pandemic, the country has already achieved the middle income status.
He made the revelation during the State of the Nation Address for 2022 at Kololo Independence Grounds but warned that it will take three years for Uganda to be officially declared a Middle Income nation.
“This means that GDP per capita is now US$1,046. You remember the entrance point for the lower-middle income status is US$1036 we have now passed that figure. Congratulations! However to be declared a middle income country, you need to sustain this for 2-3 years;I am confident we shall over perform in achieving that. Remember our economy performed in spite of the covid-19 lockdown,” said Museveni.
However, World Bank figures for 2020 show that Uganda’s GDP Per Capital is US$ 822.
The President mentioned some of the challenges Uganda has endured ahead of attaining the middle income status that he had initially promised the country in 2020.
Among the challenges he talked about include the locusts invasion, rising waters of the lakes, floating islands, landslides, terrorist bombs, Covid-19 and now rising commodity prices artificially brought by Ukrainian war.
The President kicked off by bragging about the economy by quoting a parable in the gospel of Mathew 7:24-27 about the foolish man who built his house on sand and was swept away from the sand, saying NRM chose the correct method in the ten points program which explains why Uganda has been finally been able to attain the middle income status.
He also claimed that the global financial crisis presents Uganda with plenty of opportunities especially market for eggs and chicken after Malaysia banned export of eggs and India banned export of sugar, markets the President can take advantage of by sorting issues of quality.
