Many African economies, including Uganda, are weathering the current global crisis with much less damage to their economies than was the case with previous major external shocks, such as the oil crises of the 1970s.
One of the reasons for the greater resilience of African economies to external shocks is that they now have much larger buffers of international reserves to support their balance of payments, although the improvement in their macroeconomic management undoubtedly made a more important contribution.