Home Economy Tanzania raises 2020 growth forecast to 5.5% from 4%

Tanzania raises 2020 growth forecast to 5.5% from 4%

In this photo taken late Saturday, July 11, 2015, Tanzania's public works minister John Pombe Magufuli speaks at an internal party poll to decide the ruling party's presidential candidate, in Dodoma, Tanzania. Tanzania's ruling party, which has been in power for five decades, has chosen public works minister John Pombe Magufuli as its presidential candidate, making him the favorite to replace current president Jakaya Kikwete in the upcoming October election. (AP Photo/Khalfan Said)

Tanzania now anticipates its economy to grow by 5.5% in 2020 compared with a previous estimate of 4%, finance minister Philip Mpango announced to parliament on Thursday, after the government took steps to alleviate the economic impact of coronavirus.

Mpango said actions taken by President John Magufuli’s administration, especially its determination that people should get back to work while taking health precautions, plus prospects about a regional and global recovery, will maintain growth.

The latest projection is more bright than the 4% estimate Mpango gave previous month, but lower than an initial forecast of 6.9% due to the influence of the coronavirus on key business sectors such as tourism.


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