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Africa > Uganda

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Cover IMF Research Bulletin
IMF Research Perspectives: Spring-Summer 2019
The Spring-Summer 2019 issue of the IMF Research Perspectives explores how technology deals with old questions. Articles discuss the ways technological progress and the increased availability of data have helped in some areas, while presenting new challenges for analyzing various matters. The issue also includes an interview with Gita Gopinath, the new director of the IMF Research Department.
Keywords:
IRB; economy; heightened economic risk; investor; energy consumption; asset price; work agenda; investor sentiment; dream job; modeling work; Global; Sub-Saharan Africa; Africa; Consumption; Asset prices; Personal income; Robotics; Income; IMF research perspective; measuring sentiment; director of the research DepartmentTechnological change; future of work; impact of Africa
Cover IMF Staff Country Reports
Uganda: Selected Issues
International Monetary Fund. African Dept.
This Selected Issues paper tries to answer the question of how to promote employment in Uganda. It also discusses key stylized facts including labor market challenges, an overview of the labor market, and employment characteristics. Although issues relating to the determinants of employment are gaining momentum in Uganda, the literature is largely based on economic reports and qualitative studies. Uganda has implemented some social programs aimed at creating employment specifically for youth and women, though coverage is limited. These programs aim at providing an enabling environment for the private sector to create jobs and build the skills and requisite knowledge to make youth and women more employable. The existing social programs are good initiatives to address some of the labor market issues, though their coverage remains limited with funding constraints identified as one of the main challenges. Creating quality jobs will require comprehensive policies to promote headline growth and ensure inclusive growth, including measures to improve education and address challenges in gender and youth.
Keywords:
ISCR; CR; Uganda; wage; labor market; text; IMF staff calculation; employment sector; employment characteristic; employment opportunity; employment elasticity; Uganda UBOS report; women engagement; agriculture employment; Employment; Women; Labor markets; Sub-Saharan Africa; Global
Cover IMF Working Papers
Long-Run Biological Interest Rate for Pay-As-You-Go Pensions in Advanced and Developing Countries
Mr. Masahiro Nozaki
How much of an internal rate of return would a sustainable pay-as-you-go pension system offer current and future generations equally? The answer is the sum of the Long-Run Biological Interest Rates (LBIR), the real-world equivalent of Samuelson’s (1958) biological interest rate, and future productivity growth. Reflecting global population ageing, the median LBIR across 172 countries is as low as 1 percent per year. The LBIRs are particularly low in advanced countries, estimated to be negative in many of them, and require ample financial reserves today or future productivity growth to maintain participation in pension schemes. On the other hand, the LBIRs in less developed regions, such as in sub-Saharan Africa, are relatively high, indicating a potential to use a pay-as-you-go scheme to expand the coverage of public pensions. Raising the retirement age by five years brings up the LBIR by 40 basis points, significantly improving the long-run budget constraint of a pension scheme.
Keywords:
WP; rate of return; life expectancy; LBIR estimate; Pay-as-you-go pension; internal rate of return; pension reform; contribution rate; LBIR level; RCR decrease; replacement rate; medium-fertility variant; median LBIR; Pensions; Aging; Pension spending; Productivity; Retirement; Sub-Saharan Africa; Middle East; Europe; North Africa; East Africa
Cover IMF Staff Country Reports
Uganda: Staff Report for the 2015 Article IV Consultation and Fourth Review Under the Policy Support Instrument
International Monetary Fund. African Dept.
This 2015 Article IV Consultation highlights that Uganda’s recent economic performance has been favorable. Real GDP growth is projected at 5.24 percent for FY2014/15 supported by a fiscal stimulus and a recovery in private consumption. Annual core inflation increased to 4.75 percent in May, from very depressed levels, mainly fueled by the shilling depreciation pass-through. The current account deficit is set to widen to about 9 percent of GDP reflecting increasing capital goods imports, but international reserves remain adequate. The outlook is promising. Growth is estimated at 5.75 percent in FY2015/16 and an average 6.25 percent over the medium-term.
Keywords:
ISCR; CR; GDP; core inflation; current account; government; real GDP; medium term inflation target; inflation targeting framework; East AFRITAC; inflation consultation clause; authorities' monetary policy; Inflation; Infrastructure; Global; Africa; Sub-Saharan Africa
Cover IMF Working Papers
Are African Households Heterogeneous Agents?: Stylized Facts on Patterns of Consumption, Employment, Income and Earnings for Macroeconomic Modelers
Ms. Louise Fox
This paper reviews the evidence on how households in Sub-Saharan Africa segment along consumption, income and earning dimensions relevant for quantitative macroeconomic policy models which incorporate heterogeneity. Key findings include the importance of home-grown food in the income and consumption of house-holds well up the income distribution, the lack of formal financial inclusion for all but the richest households, and the importance of non-wage income. These stylized facts suggest that an externally-generated macroeconomic shock and the short-term policy response would mainly affect the behavior and welfare of these richer urban households, who are also more likely to have the means to cope. Middle class and poor households, especially in rural areas, should be insulated from these external shocks but vulnerable to a wide range of structural factors in the economy as well as idiosyncratic shocks.
Keywords:
WP; wage employment; wage income; labor market; union wage effect; wage job; Sub-Saharan Africa; Inequality; macroeconomics; household heterogeneity; Macro Models; Macroeconomic Stabalization; Labor Economics; Informal Labor Market; Mobility; off season; wage earnings variation; low income; wage sector; Income; Personal income; Wages; Employment; Africa; West Africa
Cover IMF Working Papers
The Role of Productivity, Transportation Costs, and Barriers to Intersectoral Mobility in Structural Transformation
Cem Karayalcin
and
Mihaela Pintea
The process of economic development is characterized by substantial reallocations of resources across sectors. In this paper, we construct a multi-sector model in which there are barriers to the movement of labor from low-productivity traditional agriculture to modern sectors. With the barrier in place, we show that improvements in productivity in modern sectors (including agriculture) or reductions in transportation costs may lead to a rise in agricultural employment and through terms-oftrade effects may harm subsistence farmers if the traditional subsistence sector is larger than a critical level. This suggests that policy advice based on the earlier literature needs to be revised. Reducing barriers to mobility (through reductions in the cost of skill acquisition and institutional changes) and improving the productivity of subsistence farmers needs to precede policies designed to increase the productivity of modern sectors or decrease transportation costs.
Keywords:
WP; subsistence farming; terms of trade; Structural transformation; Subsistence agriculture; multi-sector models; Economic development; Transportation costs; transportation cost; agriculture sector; productivity improvement; modern agriculture; productivity difference; excess demand; improvement result; Agricultural sector; Productivity; Transportation; Manufacturing; Sub-Saharan Africa
Cover Policy Papers
Fiscal Policy and Long-Term Growth
International Monetary Fund
This paper explores how fiscal policy can affect medium- to long-term growth. It identifies the main channels through which fiscal policy can influence growth and distills practical lessons for policymakers. The particular mix of policy measures, however, will depend on country-specific conditions, capacities, and preferences. The paper draws on the Fund’s extensive technical assistance on fiscal reforms as well as several analytical studies, including a novel approach for country studies, a statistical analysis of growth accelerations following fiscal reforms, and simulations of an endogenous growth model.
Keywords:
PP; GDP growth; wage; financial crisis; total factor productivity; labor market; tax burden; fiscal policy; Fiscal consolidation; Global; Sub-Saharan Africa; Europe
Cover IMF Working Papers
Identifying Constraints to Financial Inclusion and Their Impact on GDP and Inequality: A Structural Framework for Policy
Ms. Era Dabla-Norris
,
Yan Ji
,
Robert M. Townsend
, and
Ms. Filiz D Unsal
We develop a micro-founded general equilibrium model with heterogeneous agents to identify pertinent constraints to financial inclusion. We evaluate quantitatively the policy impacts of relaxing each of these constraints separately, and in combination, on GDP and inequality. We focus on three dimensions of financial inclusion: access (determined by the size of participation costs), depth (determined by the size of collateral constraints resulting from limited commitment), and intermediation efficiency (determined by the size of interest rate spreads and default possibilities due to costly monitoring). We take the model to a firm-level data from the World Bank Enterprise Survey for six countries at varying degrees of economic development—three low-income countries (Uganda, Kenya, Mozambique), and three emerging market countries (Malaysia, the Philippines, and Egypt). The results suggest that alleviating different financial frictions have a differential impact across countries, with country-specific characteristics playing a central role in determining the linkages and tradeoffs between inclusion, GDP, inequality, and the distribution of gains and losses.
Keywords:
WP; participation cost; Gini coefficient; cost of capital; intermediation cost; Financial inclusion; inequality; income distribution; hetergenous agents; optimal contract; credit regime; lending interest rate; Self-employment; Credit; Income inequality; Collateral
Cover IMF Survey
Boletín del FMI Vol.36, No.06 abril de 2007
International Monetary Fund. External Relations Dept.
El Boletín del FMI aborda de manera específica el trabajo del FMI y los grandes temas macroeconómicos y financieros internacionales y ofrece análisis sobre la evolución en los distintos países y regiones y en el mundo; información sobre las operaciones, políticas, reformas y asistencia técnica del FMI; síntesis de las principales investigaciones económicas mundiales; datos fundamentales que no suelen estar disponibles en otras fuentes, e informes sobre debates económicos y financieros que tienen lugar dentro y fuera del FMI. Este boletín de 16 páginas, publicado 12 veces al año, está orientado a una vasta audiencia, que incluye autoridades de política económica, analistas, profesionales del mundo académico y de los medios de difusión y estudiantes. Disponible en inglés, español y francés.
Keywords:
SV; economy; GDP; SDR; Rodrigo de Rato
Cover IMF Survey
Bulletin du FMI vol. 36, n° 6, avril 2007
International Monetary Fund. External Relations Dept.
En mettant l’accent sur le travail du FMI et sur les grandes questions macroéconomiques et financières internationales, le Bulletin du FMI présente une analyse des développements nationaux, régionaux et mondiaux, des informations sur le travail, les politiques, les réformes et les activités d'assistance technique du FMI, les conclusions d'études de calibre mondial, des données essentielles qui ne sont souvent pas disponibles ailleurs, ainsi que des rapports sur les discussions économiques et financières au sein du FMI et ailleurs. Publié douze fois par an, ce bulletin de seize pages s'adresse à un large public : dirigeants, analystes, chercheurs, étudiants et journalistes. Disponible en anglais, français et espagnol.
Keywords:
SV; economy; GDP; SDR; Rodrigo de Rato