Browsing: East Africa Economy

The World Bank (WB)—one of the world’s largest sources of funding and knowledge for the developing sphere published its Global Economic Prospect report in January 2021.  

The report zoomed in on the prospects of the global economy and Africa, displaying how the region remains pinned by the shocks of COVID-19 unless sound policy changes and strategic investment-enhancing reforms are made.  

On the bright side, the global economy is expected to expand by 4 per cent in 2021—this is dependent on the progression of COVID-19 vaccine provision throughout the year. …

World Bank —Tanzania’s vibrant development partner has predicted a slow down of the Tanzanian real Gross Domestic Product (GDP) to 2.5 per cent in 2020 from 6.9 per cent in 2019.

According to the fourteenth edition of the—Tanzania Economic Update Addressing the Impact of COVID-19, the bank analysis, based on assumptions of strengthened government action on containing the coronavirus pandemic and mitigating the economic impact, as well as improving external conditions, demonstrate real GDP growth slowing to 2.5 per cent in 2020, with substantial downside risk.

The bank’s analysis went further and adjoined the 2018 Household Budget Survey, and found out that, an additional 500,000 Tanzanians could fall below the poverty line, particularly those in urban areas relying on self-employment and informal/micro-enterprises.

However, as the entire globe and the region navigate through the pandemic, Tanzania sustained its consequences adding “economic costs are already being felt in Tanzania and even …