According to papers from recent IMF meetings, Uganda makes only about $1,145 per person each year. The country borrows more money at home, which makes loans expensive for local businesses. The economy grew 6.3 percent this year after inflation, up from 4.9 percent last year. Uganda owes almost 52 cents for every dollar it creates, higher than the 50 percent debt last year. Money saved for imports fell to cover just 2.6 months, down from 3.1 months two years ago.
Uganda spends more abroad than it brings home, with a 7.3 percent shortage in foreign accounts. The gap between what it earns versus spends grew to 5.8 percent from 4.9 percent last year. Prices remain low with inflation at just 3.3 percent. IMF leader Abebe Selassie expects slower growth next year across Africa because foreign buyers want less. Poor countries will receive less help from rich nations during the hard times ahead. Almost one-third of the people in the area live on less than $2.15 daily. Most Ugandans earn about $352 monthly before taxes, far below what middle-income nations make.
Uganda spends more abroad than it brings home, with a 7.3 percent shortage in foreign accounts. The gap between what it earns versus spends grew to 5.8 percent from 4.9 percent last year. Prices remain low with inflation at just 3.3 percent. IMF leader Abebe Selassie expects slower growth next year across Africa because foreign buyers want less. Poor countries will receive less help from rich nations during the hard times ahead. Almost one-third of the people in the area live on less than $2.15 daily. Most Ugandans earn about $352 monthly before taxes, far below what middle-income nations make.
