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Uganda Country Economic Memorandum : Economic Diversification and Growth in the Era of Oil and Volatility

TARIFFS FISH GOVERNMENT EXPENDITURES ECONOMIC GROWTH RENEWABLE RESOURCES ENVIRONMENTAL DAMAGES ENVIRONMENTAL PROTECTION MULTIPLIERS PROVEN RESERVES WASTE MANAGEMENT SUSTAINABLE CONSUMPTION DISPOSABLE INCOME AGRICULTURAL PRODUCTION EXPECTATIONS MARGINAL COST PRODUCERS RESOURCE MANAGEMENT PROPERTY RIGHTS BALANCE OF PAYMENTS FINANCIAL RESOURCES TIMBER LABOR FORCE MARGINAL PRODUCT POLITICAL ECONOMY REVENUES ENVIRONMENTAL ISSUES INCENTIVES EQUILIBRIUM TAX SYSTEMS MODELS RETURNS TO SCALE SUSTAINABLE DEVELOPMENT AGRICULTURAL OUTPUT DOMESTIC PRODUCTS DEVELOPED COUNTRIES AUDITS ECONOMIC ACTIVITY PRESENT VALUE FISCAL POLICIES CLIMATIC CONDITIONS EXPLOITATION OIL PRICES ADEQUATE RESPONSE LABOR COSTS CROWDING OUT OIL GOVERNMENT REGULATIONS NATURAL CAPITAL POPULATION GROWTH CAPITAL FORMATION CONSTANT RETURNS TO SCALE LABOR PRODUCTIVITY OPTIONS EXTERNALITIES OPEC DEBT PRODUCTION TECHNOLOGY POLLUTION FORESTRY ECONOMIC POLICIES DIVIDENDS PRICE SUBSIDIES NATURAL RESOURCES RATIONAL EXPECTATIONS CRITICAL APPRAISAL METALS SUBSIDIES EFFICIENCY FISHING TAXES ACCESS TO INFORMATION RESOURCES UNEMPLOYMENT EQUITY ALTERNATIVE POLICIES PRODUCTIVITY GROWTH CONSUMPTION ECONOMIC IMPACT WAGES VALUES WAGE RIGIDITY COMPLIANCE COSTS MARKET PRICES POLICY MAKERS CREDIT QUALITY STANDARDS ENVIRONMENTAL IMPACTS PURCHASING POWER DIVISION OF LABOR DEFORESTATION DEMAND CPI SUSTAINABLE USE MINES NATIONAL INCOME SUSTAINABLE GROWTH AGGREGATE DEMAND PUBLIC EXPENDITURES INTERMEDIATE GOODS EXPENDITURES PROPERTY DECISION MAKING CORPORATE TAXES TAX RATES TRANSACTION COSTS ENVIRONMENT ECONOMICS TERMS OF TRADE SECURITIES TAX REVENUE CAPITAL GOODS BUSINESS CYCLES FISHERIES ECONOMIC DEVELOPMENT CARTELS TRADE LAND ECONOMIES OF SCALE COMPARATIVE ADVANTAGE POSITIVE EXTERNALITIES COAL COMMODITY TAXES OIL RESERVES REVENUE EMPIRICAL EVIDENCE PRIVATE CONSUMPTION RISK MANAGEMENT LIVING CONDITIONS MONOPOLISTIC COMPETITION ECONOMISTS TAX REFORM INTERMEDIATE INPUTS PROFITS PRODUCTION PATTERNS ENVIRONMENTAL POLICY INSTRUMENTS WETLANDS PRICES OIL SECTOR ECONOMIC CONDITIONS ECONOMIES PUBLIC GOODS
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World Bank, Kampala, Uganda
Africa | Uganda
2016-08-03T21:55:30Z | 2016-08-03T21:55:30Z | 2015-06

The objective of the Ugandan government is to make Uganda an upper - middle income country within thirty years. Economic diversification is a key component of that strategy. The country economic memorandum (CEM) report discusses how the emergence of oil and mineral production can contribute to Uganda’s effort to promote economic diversification as a means to achieve sustainable and shared growth. Based on the lessons from international experience, the report outlines the elements of a development and diversification strategy, which the Ugandan government may wish to consider in the design of its macroeconomic, fiscal, and sectoral development policies. It then focuses on the set of policies required to maximize the benefits of a diversification strategy in an oil-producing country. Finally it describes a series of actions which the government should plan, and carry out to deal with a number of specific implementation issues. The first part of the report focuses on the importance of economic diversification for Uganda and on the prospects and challenges of oil and mineral development. It addresses the following three issues: (a) why diversification is important for economic development?; (b) where Uganda stands in that area and why it should give a new impetus to its diversification strategy?; and (c) what are the prospects, possible impact, and challenges associated to oil and mining development for Uganda’s economy?

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