KAMPALA: Today Hon Minister for General Duties, Henry Musasizi officiated the launch of the 24th Edition of the annual Uganda Economic update by the World Bank at Serena Hotel in Kampala.

The economic update under the theme "Investing in Early Childhood Development for Transformation of Human Capital in Uganda" addresses the recent economic developments, economic outlook, risks and key structural issues, and investing development for transformation of human capital in Uganda.

The ministers said the Uganda Economic update brings attention to something that is equally crucial for Uganda's future: The importance of Investing in Early Child Development (ECD). The annual update makes a compelling case that investing in Early Child Development is one of the effective ways to transform human capital Uganda.

"Education is a key factor in addressing socio-economic inequality and quality Early Child Development is critical for improved education outcomes. This is why the Government is prioritizing investments and improved efficiencies in the education sector. Government through the Ministry of Education is making progress through its emphasis on STEM(Science, Technology, Engineering and Mathematics)"the minister added.

A panel discussion that consisted of Mr Moses Bekabye- Technical Advisor for Economic  Affairs at Ministry of Finance, Dr Fred Muhumuza- Director MUBS Economic Forum, Mr Alan Ssenyondwa -Director Policy and Advocacy UMA, and Mr William G Battalie- Lead Country Economics Uganda shared insights of strategies the government can use to implement human capital productivity, benefits of ECD for the manufacturing sectors, fiscal consolidation, efficiency of public expenditure and debt sustainability.

The report also pointed out key risks for Uganda like climate shocks, EU laws on Coffee export, escalation of conflict in the Middle East and the mismatch of the start of oil production from upstream projects and the completion of EACOP.

The Minister acknowledged the recommendation made in the Economy update  that the government shall review and streamline them in the Government programs. He added that through long term renewed partnership with World Bank and other stakeholders, some of the recommendations will be implemented through a phased manner, given the current fiscal constraint.

The minister also expressed sincere gratitude to the World  Bank for their continued partnership and their invaluable contribution to Uganda's development including through such important research. The insights and recommendations from the report will not only be useful in guiding the country's policy decision, but will also serve as a reminder that economic growth must be inclusive and human centered.