Uganda Economic Update : Bridges Across Borders - Unleashing Uganda's Regional Trade Potential

Abstract

Despite having one of the world's highest rates of population growth, Uganda has an impressive record of economic growth and poverty reduction. Over a period of approximately 20 years, from the 1990s until around 2010, the average annual rate of economic growth stood at around 7 percent. During this same period, the proportion of the population living below the poverty line declined from 56 percent in 1992 to 24 percent in FY10. Uganda needs to sustain its efforts to deepen regional integration as a means of facilitating greater trade opportunities, but primary agenda remains it its own hands. The first point of action is to address constraints to productivity growth in sectors that have the highest potential for regional expansion, including the agriculture, manufacturing and services sectors. Uganda must advocate by setting an example by removing its own non-tariff barriers (NTB) as a means of encouraging neighboring countries. However, it also needs to use its position to persuade the coastal countries to do their part, since they will also benefit from such programs. In addition, Uganda must seize every opportunity to promote peace and tranquility in the Great Lakes regions.