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Museveni, who revealed this during the annual State of the Nation Address held at Kololo Independence Ceremonial Grounds on Wednesday, June 7, 2023, said this achievement is attributed to government investments, especially in infrastructure and various government wealth creation initiatives.
"Although the country has been faced with economic shocks, household incomes have responded positively to government investments in infrastructure and the various wealth creation initiatives. As a result, 60% of households increased their incomes in the year ending December 2022, compared to 43% whose incomes increased in the same period a year ago," he said.
He added: "This means that government efforts to create wealth at the household level are taking root. This will further be enhanced by the Parish Development Model and Emyooga, which are government initiatives to create wealth."
Museveni also said that Uganda’s economic growth in 2023 is projected at 5.5% in real terms, compared to 4.7% in the last financial year, 2021/22.
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He said over the next five years, Uganda’s economy is projected to grow at a rate of 6.5%–7% per year.
The President hopes that the projected growth will come from: economic stability as a result of low inflation; the establishment of more manufacturing plants; continued implementation of the Parish Development Model; support of small and medium enterprises through Emyooga saccos; increased oil and gas activities; and growth in regional trade.
Museveni said, "By the end of the financial year 2023/24, Uganda’s GDP is projected to grow up to 207 trillion shillings, which is equivalent to $55.2 billion dollars."
The President also emphasised the need to lift people out of poverty by helping them join what he called "the money economy."
Museveni said this will be achieved through the Parish Development Model, whose goal is to alleviate poverty.
He commended Operation Wealth Creation for helping reduce the number of people in poverty.
"I commend Operation Wealth Creation for the good work done in lifting people out of poverty. Their interventions helped reduce the number of people living below the poverty line from 68% to 39%," he said.