World Bank upbeat on Tanzania’s prospects in 2021

The World Bank has upgraded its assessment of prospects for Tanzania’s economic growth this year as the world starts to recover from the impact of the Covid-19 pandemic, which was expected to send sub-Saharan Africa into recession in 2020. It has forecast that Tanzania’s economy will grow by 5.5% in 2021.

Tanzania’s real GDP had been growing at an average of 7% over the last decade but the government lowered its projections for 2020 from 6.9% to 5.5% due to various factors, including Covid-19, heavy rains and delayed implementation of some projects.

Tanzania is among the fastest growing economies in sub-Saharan Africa and it is anticipated that it will again exceed the region’s average growth projected at 2.7%. Last year’s recession halted almost two decades of growth that averaged 4% per year.

“Expectations of a sluggish recovery in sub-Saharan Africa reflect persistent Covid-19 outbreaks in several economies that have inhibited the resumption of economic activity,” a World Bank statement said.

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