Economy Stable Despite Rising Cost of Living – Minister Bahati
The State Minister for Economic Planning, David Bahati, has said the economy is steady despite the less than expected growth. He told a media conference in Kampala today that the economy may be experiencing some shocks but overall it is stable.
Recent weeks have seen prices of basic commodities like sugar, maize flour, beans, rice and cooking oil shoot through the roof, straining many Ugandans. The country is also experiencing food shortage in many parts. Businesses are also feeling the strain due to high cost of money and declining purchasing power of customers.
But minister Bahati insisted that moving forward the economy is expected to rebound in the near and medium term. Bahati said despite the sluggish growth, the economic objectives set at the beginning of the financial year will be achieved, attributing it to the strategic investments in infrastructure and agriculture that should generate some boost.
The minister said government will continue to emphasize promotion and growth of the private sector as the engine for economic growth.