Emmanuel Tumusiime-Mutebile: Uganda's economy - its current state and prospects

Brief remarks by Mr Emmanuel Tumusiime-Mutebile, Governor of the Bank of Uganda, at the UBA Informal Dinner, Nakasero, 12 May 2017.

The views expressed in this speech are those of the speaker and not the view of the BIS.

Central bank speech  | 
24 July 2017

Let me begin by thanking you all for coming to this informal dinner. As always on these occasions I am delighted to see you all here. I want to make a few brief remarks about the current state of the economy and the prospects for the near and medium term.

When we open our newspapers in the morning we often read articles about how the economy is performing badly. But much of what is written is either exaggerated or misconstrued.

It is true that real growth in the current fiscal year will be lower than was initially projected, but that does not mean that the economy is in recession - which entails a contraction of output. There is a slowdown in economic growth but this should prove to be only temporary.