The Minister of Finance, Matia Kasaija, says although the Ugandan economy is subdued, it is not in recession and is instead projected to rebound.
Delivering the 2017/18 budget speech in Kampala, Kasaija says there have been some challenges like global economic slowdown, rebound of the United States economy, regional conflicts, effects of drought and climate change, high interest rates and corruption.
Both the World Bank and the International Monetary Fund have since downgraded Uganda's economic growth to 3.5 percent from 4.5 percent.
The minister says despite these challenges, the economy is not receding as is being touted by many pundits and watchers, but is growing moderately.
According to Kasaija, Uganda's economic growth for this concluding financial year is still above the Sub-Saharan Africa average economic growth of 1.5 percent.
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Minister Kasaija says the size of the Ugandan economy is projected to hit 90.5 trillion shillings, equivalent to 25.7 billion dollars, just a marginal increase from 2015/16.