A Quantitative Assessment of Uganda’s Economic Growth and Stability

The significant variation in the Gross Domestic Product (GDP) with Gross National Expenditure (GNE), Gross Saving (GS) and export and import of goods and services (EXIM) not only influence the economic activities of diverse areas of an economy but also their dependences. As we consider the Uganda economy, GDP upshot from the pandemic while some predictors dwindled sharply. Hence, this paper tries to evaluate the performance of the Uganda economy. Methods: The key objective of this paper is to assess the trend and influence of macroeconomic variables on the economic growth of Uganda in the periods of 1983 to 2022. Multi Linear Regression analysis has been employed in our estimation in which GDP is the dependent variable and Gross Capital Formation (GCF), GNE, GS, military expenditure (ME) and EXIM are the determinants. Conclusions: The volume of GDP, GCF, GNE, GS and EXIM have amplified from 1983 to 2022 while growth rate to the previous year has noted negative and positive growth rate, however, the above-mentioned parameters are having fragility in the last five years. The volume of independent variables like GCF, GS, GNE and EXIM has influenced the GDP and it clarified that the economy of Uganda is a recital for the behaviours of the abovementioned macroeconomic variables. However, the government policy ought to put emphasis on the asymmetrical progress of the parameters.