Tanzania on the verge to Register Fastest Economic Growth in East Africa | AfriTV Online

The economy of Tanzania is expected to grow to about 5.2 percent in the year 2020, while the economies of six various Eastern African countries are estimated to plunge into recession, pointing fingers on the trend of the pandemic.    The Afri...

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Tanzania on the verge to Register Fastest Economic Growth in East Africa

Published by: Tobiloba Chelsea
07/11/2020 09:29 PM

The economy of Tanzania is expected to grow to about 5.2 percent in the year 2020, while the economies of six various Eastern African countries are estimated to plunge into recession, pointing fingers on the trend of the pandemic. 

 

The African Development Bank (AFDB) new projection is less than 6.4 percent, compared to the preceding projections made before the pandemic. According to reports, the Economic growth of Tanzania will beat, hands down 12 other Eastern African Nations in 2020. 

 

The Tanzanian government has predicted a 5.5 percent economic growth, while the World Bank predicts a slow growth rate of 2.5 percent. 

 

 The six Eastern African nation to plunge into recession in 2020 are Burundi (-5.2), Comoros (-1.2), Seychelles (-10.5), Somalia (-3.3), South Sudan (-0.4), and Sudan (-7.2). While the other six Eastern African countries will, at a relatively lower rate, grow economically than Tanzania. They include Djibouti (1), Eritrea (0.3), Ethiopia (3.1), Kenya (1.4), Rwanda (4.2), and Uganda (2.5), with their growth rate percentage highlighted in brackets. 

 

In spite of the projected slowdown, Tanzania's real GDP growth will profit from an increased price in Gold, which is a primary national export. Gold is well recognized as Tanzania’s prominent foreign exchange earner after it overtook tourism few months ago, due to an increase in production volumes and prices. 

 

 

 

 

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