Browsing: Tanzania economic growth

Samia President Samia Tanzania President

Under President Samia Suluhu Hassan, a new economic dawn emerges in Tanzania

Industry and Trade
  • In 2022, investments in Tanzania rose by $3.16 billion between July and November.
  • Currently, Tanzania has stable economic diplomatic relations with global economic giants, China and US.
  • Tanzania’s economy is expected to expand by 5.5 percent in 2024.

“Kazi Iendelee” Swahili term for “Let’s Proceed with Work” has become a national rallying call for progress in Tanzania under President Samia Suluhu Hassan, who is popularly referred by Mama Samia – a Swahili term of endearment and respect.

Even from foreign capitals, President Samia’s work is catching the eye of fellow leaders. When US Vice President Kamala Harris came visiting, she …

Tanzania economy

Why Tanzania economy is on a steady rise to the top

Countries
  • Tanzania is significantly scaling up regional integration through cross-border trade.
  • The East African country is also banking on a rebound in the tourism industry with receipts doubling to $2.7 billion in February 2023.
  • Overall the number of investments powering Tanzania economy increased by 128 percent by February 2023.

Tanzania is poised to emerge as a premier investment destination not only in East Africa but across the entire continent, driven by its robust economic growth. The recent International Monetary Fund (IMF) report underscores this positive trajectory, indicating that the nation’s GDP is expected to grow from the current 5.2 per cent to an impressive 6.1 per cent next year.

Remarkably, Tanzania’s economy is resilient, overcoming the challenges posed by the global COVID-19 pandemic that hindered growth in various regions. The World Bank’s economic overview for Tanzania reflects a notable GDP growth rate of 4.6 per cent in 2022, with expectations of …

Workers preparing agricultural produce in a value addition process by an SME. Tanzania can provide tax exemptions which could lead to a decrease in production costs. www.theexchange.africa

SME development in Tanzania – Why this is the engine of economic growth

Industry and Trade

The small and medium-sized enterprises (SMEs) sector is one important contributor to Tanzania’s long-term development agenda. 

 

This East African nation has been on a journey towards becoming a middle-income country with the economy growing by an average of 6.5 per cent per year in the last decade, going by estimates from the World Bank and other institutions.  

There are an estimated three million enterprises in Tanzania’s SME sector which contribute 27 per cent of the overall GDP according to the Tanzania Development Vision (TDV) 2025.…