Museveni to deliver State of Nation Address amid declining economic growthWritten by Discover Kampala
From Daily Monitor
By MARTIN LUTHER OKETCH
President Yoweri Museveni will Thursday give a State of Nation Address at Kampala Serena Hotel where he is expected to spell out economic progress (achievements) in the financial year 2018/19 and government plans for the 2019/20 fiscal year.
The State of the Nation address will be followed by the reading of the National Budget for the fiscal year 2019/20 on Thursday next week at the same venue.
President Museveni is likely to be disappointed with economic growth for the 2018/19 fiscal year, which registered a slight slowdown, based on the preliminary figures which were released by the Uganda Bureau of Statistics (UBOS) on Friday last week.
The economic growth 2018/19 is 0.1 percentage points lower than last year’s growth, from 6.2 percent in the fiscal year 2017/2018 to 6.1 percent.
The decline in growth indicates that the economy is entering a contraction stage as a result of slower global growth rate, regional geopolitical (border tensions mainly between Uganda and Rwanda which is affecting regional trade.
UBOS preliminary figures show that the industrial sector registered a slightly lower growth rate of 5.8 per cent in 2018/19 compared to 6.1 per cent recorded for the 2017/18 fiscal year.
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