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Determinants of Economic Growth: An Empirical Evaluation of the Ugandan Economy

In: Macroeconomic Analysis for Economic Growth

Author

Listed:
  • Richard Sendi
  • John Bbale Mayanja
  • Enock Nyorekwa

Abstract

This paper investigated the determinants of economic growth in Uganda for the period 1982-2015 using the autoregressive distributed lag (ARDL) mode. The paper was motivated by the impressive economic performance of Uganda since 1986 that made her graduate from a "failed state" to a "mature reformer" in a short time. The paper established that while the initial level of GDP growth, government consumption and investment positively affected Uganda's economic growth in the short run, inflation, foreign aid and a policy dummy variable representing structural adjustment programmes negatively impacted GDP growth. The results revealed that in the long run, trade openness, population growth, government consumption and investment positively influenced GDP growth in Uganda. The results failed to show a significant relationship between trade openness, population growth and human capital accumulation and economic growth in the short run. The study also failed to show a significant relationship between inflation, human capital and foreign aid and economic growth in the long run. The paper recommends policies that enhances sound macroeconomic fundamentals such as price stability, investment promotion, trade openness, increased government consumption, increased population growth and effective foreign aid.

Suggested Citation

  • Richard Sendi & John Bbale Mayanja & Enock Nyorekwa, 2022. "Determinants of Economic Growth: An Empirical Evaluation of the Ugandan Economy," Chapters, in: Musa Jega Ibrahim (ed.), Macroeconomic Analysis for Economic Growth, IntechOpen.
    • Handle: RePEc:ito:pchaps:249524
    DOI: 10.5772/intechopen.100507
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    More about this item

    Keywords

    Uganda; Economic growth; Auto Regressive Distribute Lag Model;
    All these keywords.

    JEL classification:

    • O40 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General

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