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Tanzania

Tanzania has sustained relatively high economic growth over the past decade but downside risks include erratic economic policies, below-potential FDI inflows, and poor fiscal policy implementation. Tanzania adopted a relaxed approach to Covid-19 as President Magufuli downplayed the severity of the outbreak, but the economy has suffered due to supply-chain disruptions and a slump in tourism.

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Real GDP growth is projected to reach 4.2% this year, which is notably higher than our estimate for an expansion of 0.7% in 2020. The industrial sector is expected to remain the primary driver behind this relatively strong growth, with infrastructure investment gaining traction due to a pickup in public development spending and ongoing progress regarding large infrastructure projects. (Source: Tanzania Quarterly Update, published January 2021)

Macroeconomic Data

(2020)

Fiscal Balance (as a % of GDP)

-2.4

Consumer Price Index (% change y-o-y, avg)

3.3

Current Account Balance (as a % of GDP)

-1.1

Real GDP (annual % change)

0.7

GDP per Capita, US$

1,056.6

Import Cover (months)

6.4

Population, million

59.7

Total External Debt (as a % of GDP)

38.0

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