Human capital key to Uganda's economic growth, neoclassical theory challenged
The study looked at what factors affect Uganda's economic growth using data from 2007 to 2018. They found that human capital per worker is important for economic growth, even when considering other factors. Population growth also plays a role, but its impact lessens with additional variables. The neoclassical growth theory partially explains Uganda's growth, with factors like low lending rates, FDI, and domestic credit also influencing growth. The study challenges the idea of conditional convergence in growth literature by including productivity factors in the analysis.