Government of Uganda, has set a bold target to increase the size of the economy from about US$50 billion in the FY2023/24 to $500 billion by 2040. This tenfold growth strategy is anchored on four primary sectors: Agro-industrialization, Tourism development, Mineral development, and Science, Technology, and Innovation, collectively referred to as the ATMS. Achieving this goal necessitates doubling GDP every five years, increasing savings, exports, and Foreign Direct Investments (FDI) inflows, and accumulating various forms of capital, including human, physical, and natural resources. Findings of the National Population and Housing Census (2024) reveal that Uganda is a young country, with 7 in 10 Ugandans below 30 years age. This therefore calls for a comprehensive growth approach that goes beyond just rapid GDP growth, but one that also entails increasing productive employment to leverage the youthful demographic dividend.

Expanding Uganda’s economy tenfold is a daunting yet achievable goal. It requires a multi-faceted approach that combines strategic investments in identified key sectors (ATMS), continued strengthening of the fundamentals of growth namely, infrastructure development, technological development human capital enhancement, and sound fiscal management. Overcoming entrenched challenges such as rampant corruption, youth unemployment, and rising debt will be essential. With the right and effective policies, strong government commitment, and broad public support, Uganda can realize its economic potential and achieve not just high but also shared growth.

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