Museveni Among Best Presidents Globally for Driving Economic Growth

A report released by the two accomplished economists has named Uganda’s President, Yoweri Museveni among the best Presidents in the world who have influenced momentous economic growth in their countries.

The report was released by New York University Economics Professor, William Easterly and World Bank Economist, Steven Pennings.

The two list President Museveni in 12th position out of 24 global leaders, for having a significant positive effect on Uganda’s economic growth in the last three decades.

Easterly and Pennings define the best leaders as any leaders for whom the estimated leader effect is positive and significant at the 95% level and the worst leaders as those with negative and significant leader effects.

In the rankings, Museveni comes before some of the most powerful leaders globally, such as Lee Kuan Yew, former Prime Minister of Singapore and Park Chung-hee, former President of South Korea.

Museveni is said to have steered economic growth in Uganda by a record 2.42% with only shrinkage of 0.78% since 1986.

“Reviewing some of the best and worst leaders helps show why our method diverges so much from the prevailing practice of giving the leader credit for all of the raw growth average during his or her tenure,” the report reads.

For the most part of his 32-year-long rule, President Museveni has adapted a strategy of aggressively investing in road infrastructure, as well as electricity which he says are the key enablers of economic transportation.

Currently, Uganda’s paved road network stands at 5,350 kilometers compared to only 987 kilometers when Museveni took power in 1986. The connection of the country from border to border with tarmac roads, according to the President, will significantly ease the movement of goods, particularly allowing farmers quick access to market.

The vast of Uganda’s population are still employed in the agricultural sector. On top of infrastructure, Museveni’s government prides in ensuring a stable and secure Uganda so as to create a conducive environment for doing business.

While addressing the nation at the recent budget reading, President Yoweri Museveni said that the solid investments in strategic infrastructure projects is beginning to pay off, with economic growth rising.

He noted that the economy was expected to grow by 5.8% in the current 201/19 financial year, rising to 7% in 2019/20, driven by the improved tarmac road network, stable electricity and peace and security.

Museveni said the latest economic figures show significant growth in key sectors; industry at 6.2%, services at 7.3%, ICT at 7.9%, construction at 12%. Agriculture, also picked up at 3.2% following good weather that was preceded by a long dry spell.

Museveni said that by abandoning the old financing model, where donors had advised that Uganda concentrates on financing the recurrent budget, the government has been able to increase and improve the tarmac road network from border to border, generate more electricity and improve security.

By financial year 2005/2006, Uganda’s tax revenue collections per annum, were standing at Shs 2.23 trillion compared to about Shs 20trillion estimated to be collected in the next financial year.

Recently, a Centre at Havard, in the USA, predicted that Uganda will be one of the fastest growing economies in the world by 2026 or thereabout.