Agriculture is the pillar of Uganda economy employing 65.6% of the
country’s labor force according to statistics from UBOS. But its
contribution to the Gross Domestic Product has declined from 56% to 22%
with Industrialization rating at 38% and ICT at 56%. National Planning
Authority officials believe that to achieving vision 2040, calls for
more emphasis should be diverted to industrialization.
Uganda’s vision 2040 Is about transforming Society from a peasantry to a modern and middle class. But with 65% of Uganda’s labor force being trapped into subsistence farming, transformation to industrialization for a better competitive edge is amore progressive choice.
Meawhille, now only 40% of the viable oil and gas deposits in the Albertan Graben has been explored, the geochemical sampling estimates over 27 types of minerals in commercial viable reserves like iron ore deposits in Kabale, chromite, rock salt, uranium, limestone among others. As Dr. Kisambwa Mugerwa puts it, this presents the country with opportunity to spur economic growth by creating employment and encourage technology transfers.
With corruption being the main challenge; Government now is tasked upon setting strategies such as strengthening regulatory frameworks to support accountability such as anti-corruption court and clear budgetary allocations to fight this disease.
In the 1960s and 70s, Uganda’s rate of GDP growth was not far from South Korea, Malaysia, and South Africa, currently, South Korea stands at 21000 USD, per capita income, Malaysia at 8000 while Uganda is less than 1000 USD. To attain the level of development observed in Upper Middle Income Countries, Uganda will need to increase its GDP 30 folds in the next 30 years.
Uganda’s vision 2040 Is about transforming Society from a peasantry to a modern and middle class. But with 65% of Uganda’s labor force being trapped into subsistence farming, transformation to industrialization for a better competitive edge is amore progressive choice.
Meawhille, now only 40% of the viable oil and gas deposits in the Albertan Graben has been explored, the geochemical sampling estimates over 27 types of minerals in commercial viable reserves like iron ore deposits in Kabale, chromite, rock salt, uranium, limestone among others. As Dr. Kisambwa Mugerwa puts it, this presents the country with opportunity to spur economic growth by creating employment and encourage technology transfers.
With corruption being the main challenge; Government now is tasked upon setting strategies such as strengthening regulatory frameworks to support accountability such as anti-corruption court and clear budgetary allocations to fight this disease.
In the 1960s and 70s, Uganda’s rate of GDP growth was not far from South Korea, Malaysia, and South Africa, currently, South Korea stands at 21000 USD, per capita income, Malaysia at 8000 while Uganda is less than 1000 USD. To attain the level of development observed in Upper Middle Income Countries, Uganda will need to increase its GDP 30 folds in the next 30 years.
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