Uganda’s economy was recovering well, up until the second wave of COVID-19 infections and subsequent lockdown in mid-2021. Since then, activity has rebounded – much like after the first lockdown – but the country is likely to still face a stop-start recovery until there is wider coverage of the COVID-19 vaccine. Notwithstanding this recovery, there has been a rise in poverty and – with the shift back to agriculture for some workers – an increase in household vulnerabilities. We have also seen a widening of inequalities, which have been most severe in the education sector, where schools have now been fully or partially closed for longer than any other country in the world. As a result, Uganda has a long way to go in its quest to build-back-better. Eighteenth Uganda Economic Update includes the special topic of Putting Women at the Center of Uganda’s Economic Revival. In line with the structure of earlier editions of the Uganda Economic Update series, this report reviews recent economic developments – with particular attention paid to the effects of the ongoing COVID-19 pandemic – provides an outlook for the macro-economy, and then delves into the special topic.