Browsing: LMIC

Tanzania economy World Bank

Tanzania, one of the fast-growing economies across the African continent ascended to a low-middle income country status (LMIC) in 2020, amid COVID-19 pandemic shocks.  

The achievements of the East African nation of more than 59 million people have been recognized across the world, with the World Bank (WB) taking note of the country’s success and throwing more than congrats to the table. 

Amid uncertainties brought by the pandemic, threatening the livelihood of communities and the sustenance of investments, the central bank of Tanzania forecast the economy to grow by 5.7 per cent in 2021, fueled by public investment and normalization of global trade and investment. 

Under the new administration guided by the sixth president, Samia Suluhu Hassan, Tanzania has already set its priorities and highlighted some of the key investment deals on the table, including the $3.5 billion East Africa Crude Oil Pipeline (EACOP) and the Tanzania-Kenya $1 billion gas