MACROECONOMIC DEVELOPMENTS AND PROSPECTS FOR LOW-INCOME COUNTRIES—2024—ONLINE ANNEXES
Executive Board Meeting
1. Our Ugandan authorities appreciate the constructive dialogue with staff during the combined second and third reviews under the Extended Credit Facility (ECF) arrangement. They broadly share staff’s appraisal and policy priorities.
1. Uganda’s economy was hit hard by the COVID-19 crisis. After the first COVID-19 case was detected in March 2020, the government swiftly introduced a four-month lockdown, which kept infection and fatality rates low. This had a strong negative effect on economic activity already hit hard by disruptions in global demand and supply chains. The resulting collapse in services and manufacturing halved Uganda’s real GDP growth to 3 percent in FY2019/20 (a contraction of 1.1 percent for CY 2020).