Uganda’s GDP is expected to reach $581 billion by 2040 as more people are integrated into the formal money economy.
The said target is a significant increase from the current gross domestic product (GDP) of approximately $50 billion and would require that 90 percent of Ugandans be integrated into the formal economy.
NPA foresees a further increase in per capita income to $9,500 (about Shs32.6 million). However, Uganda has to catch up on the requirements for socio-economic transformation, as evidenced by the sluggish performance of earlier national development programs.
Joseph Muvawala, the Executive Director of NPA, highlighted the necessity for “innovative and transformative policy actions, better prioritization and closing of implementation gaps” to attain the double-digit growth needed for these targets by 2040.
It is imperative to align with global and national agendas. NDP IV also underscores the importance of Global Agenda 2030 for Sustainable Development Goals (SDGs). And more still needs to be done regarding zero hunger, climate action, clean water and sanitation access, poverty eradication, sustainable cities, decent work and economic growth.
The NDPIV is set to underscore the unique circumstances and opportunities that can be harnessed for accelerated socioeconomic transformation in Uganda. This is in addition to the commitments Uganda has made at regional and global levels such as Agenda 2030 and Africa Agenda 2063.
The plan emphasizes the need to consolidate development gains, close ranks for collective implementation, strengthen follow-up on implementation and results accountability and adopt a transformative mindset to achieve economic growth acceleration.
In summary, the ambitious goal of boosting Uganda’s GDP to US $9500 by 2040 calls for innovative and globally aligned policies.
