Uganda projected among fastest-growing economies by 2030

Uganda projected among fastest-growing economies by 2030

Uganda is projected to be among the fastest-growing economies by 2030, according to researchers at the Growth Lab at Harvard University.

The East African nation joins China, Vietnam, Indonesia and India, the researchers, who presented new growth projections in The Atlas of Economic Complexity, said in a press statement.

Several economies in East Africa are expected to experience rapid growth, driven more by population growth than gains in economic complexity, which include Uganda, Tanzania, and Mozambique.

Despite the trade disruption of the pandemic, countries’ economic complexity rankings remain remarkably stable. The Economic Complexity Index (ECI) ranking found the most complex countries in the world held steady, with Japan, Switzerland, Germany, South Korea, and Singapore topping the list.

Other notable countries include the United Kingdom (10), the United States (12), China (16), and Italy (17).

The projections also show potential for Egypt to achieve more rapid growth. However, other developing regions face more challenging growth prospects by making fewer gains in their economic complexity, including Latin America, the Caribbean, and West Africa, the statement added.

(Editing by Seban Scaria [email protected])

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