The United Republic of Tanzania (Tanzania) has recorded an annual average growth rate of more than 6% over the past decade and is on course to maintain a robust growth rate of over 6.5% going forward. Despite global economic and financial uncertainties, the economy has been able to achieve these consistent growth rates coupled with a low inflation rate, driven by activity in sectors such as mining, energy, construction and manufacturing.
Improving public sector efficiency and a crackdown on corruption has been the focus of the new administration under the leadership of President John Magufuli, elected in 2015. The government intends to stimulate inclusive growth and reduce poverty levels by running a leaner administration, promoting tax compliance, building Private-Public Partnerships (PPPs) and attracting investment into industrial sector development.
Underpinned by favourable demographics and supported by a government that is showing signs of principled leadership with intentions to invest in education, skills transfers and infrastructure to drive growth, Tanzania is well-positioned to continue on its current rapid growth path.
Its young and culturally-diverse population of more than 50 million makes it eastern Africa’s second mostpopulous nation after Ethiopia; expected to reach almost 83 million by 2030. Greater emphasis on upscaling urban hard and soft infrastructure and creating employment opportunities in light of a rapidly-growing urban population will be integral in supporting its national development vision, the Tanzania Development Vision (TDV) that looks to transform the economy into a middle-income and semi-industrialised state by 2025.
Please read more Tanzania Country Overview 28 Oct 2016 (pdf)