According to new growth projections presented by researchers at the Center for International Development at Harvard University (CID), Uganda has been ranked second on the list of the fastest growing economies in the world for the coming decade and is projected to grow at 7.5 per cent annually, ahead of China and the US.
India and Uganda top the list of the fastest growing economies to 2026, predicted at 7.9 and 7.5 percent annually, respectively. The growth projections are based on Economic Complexity, a single measure of each country’s economy which captures the diversity and sophistication of the productive capabilities embedded in a country’s exports.
Uganda joins two other East African countries in the top 10 fastest growing countries, though a significant fraction of that growth is due to rapid population growth,” the report reads in part.
The report further noted that after a decade of growth driven by record oil and commodity prices, the researchers find a landscape that has shifted in favor of more diversified economies. In sub-Saharan Africa, growth is shifting eastward from commodity-driven West Africa to East Africa, with Uganda, Tanzania (4th), and Kenya (10th) in the top 10 predicted fastest growing countries globally for the coming decade.
The researchers further point out that many low-income countries, including Bangladesh, Venezuela, and Angola have failed to diversify their knowhow and face low growth prospects.
According to a report released by the same Harvard University Center for International Development CID in 2017 it was predicted that Uganda will top the list of the fastest growing economies in the world by 2025.