Beyond Macroeconomic Stability

Uganda has registered one of the most impressive economic turnarounds of recent decades. The amelioration of conflict and wide ranging economic reforms kick-started rapid economic growth that has now been sustained for some 20 years. But there is a strong sense in policy making circles that despite macroeconomic stability and reasonably well functioning markets, economic growth has not translated into significant structural transformation. This paper considers (i) Uganda''s record of economic transformation relative to the high growth Asian countries and (ii) the contending explanations as to why more transformation and higher growth has proved elusive.Financial stability;Economic recovery;Economic reforms;Economic growth;per capita income, export growth, export performance, real gdp, gdp growth, trade intensity, tradable goods, export diversification, domestic savings, growth rates, political economy, per capita income level, oil exporter, rapid economic growth, terms of trade, trade barriers, global market, domestic production, growth rate, skilled labor, regional trade, world economy, world markets, external financing, trade growth, nontradable goods, economic growth strategy, domestic investment, global integration, current account balance, regulatory framework, commodity prices, protective barriers, trade deficit, per capita income growth, balancing act, negative spillovers, export orientation, process of liberalization, black market premium, factor accumulation, trade liberalization, investment goods