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The second UG Economic Forum started yesterday 29^th August 2023 in Kampala, focusing on urgent economic issues in Uganda, such as tourism, agriculture, and post-COVID economic recovery. The forum aims to strengthen economic safeguards, expand the safety net, promote commercial agriculture, integrate the informal sector, and potentially reduce interest rates to spur growth.

Several of Uganda’s urgent economic issues, including tourism, agriculture, and helping its post-COVID economic recovery, will be covered at the three-day forum.

Uganda experienced a substantial economic depression during the COVID-19 epidemic, mostly as a result of 80% of businesses closing and a sharp drop in tourists. The national government launched a stimulus plan that included tax delays and food assistance in response to economic losses. The gathering today will focus on strengthening social and economic safeguards and enlarging the nation’s safety net while its economy recovers.

The administration is anticipated to put plans into action soon that would enhance commercial agriculture as a development engine. In order to increase the country’s tax base, the government will probably focus efforts on integrating the informal sector into the larger economy. To promote growth, Uganda is anticipated to reduce interest rates from their current level of 9.5 percent in the medium future. Long-term concerns about economic development are anticipated by some experts, mostly as a result of poor local consumer demand and a dearth of foreign direct investment.