Rédaction Africa Links 24 with Burundi Times
Published on 2024-03-25 10:26:59
Tanzania is one of the fastest-growing economies in East Africa, with a projected real GDP growth of 6.3% in 2024. This positive outlook was discussed at the CEO Roundtable Meeting on East African Integration and Economic Outlook 2024, organized by the East African Business Council (EABC) in collaboration with the Switzerland-Tanzania Chamber of Commerce, Tanzania Private Sector Association (TPSF), Confederation of Tanzania Industries (CTI), and RSM Eastern Africa.
Amb. John Robert Ulanga, Director of the Department of International Trade Coordination and Economic Diplomacy at the Ministry of Foreign Affairs and East African Cooperation of Tanzania, emphasized the importance of implementing the EAC industrialization strategy, enhancing transport inter-connectivity, and facilitating trade to boost intra-EAC and Africa trade.
The country’s economic growth is driven by the recovery of the tourism sector and sustained investment in public infrastructure. According to Mr. John Bosco Kalisa, the Executive Director of EABC, inflation in Tanzania is expected to moderate to 4.0% in 2024, influenced by global commodity prices and domestic demand.
East Africa has shown strong economic performance, with a high number of countries experiencing GDP growth exceeding 5% in 2023. However, the region faces challenges such as low savings and tax revenue to GDP ratio, leading to budget deficits and increased borrowing.
The EABC-RSM Eastern Africa Outlook 2024 highlighted the significant contribution of the agricultural sector, which boosted Tanzania’s GDP growth by 14.2%. The manufacturing sector also played a key role, contributing 7.3% to the country’s economic growth. Additionally, the financial and insurance sector saw growth of 14.7% in the third quarter of 2023.
Mr. Paul Makanza, an EABC Board Member, projected that EAC Economies would grow at 5.48% in 2024, up from 4.9% in 2023. Inflation in the EAC region is expected to decline from 12.5% in 2023 to 7.9% in 2024, signaling a positive outlook for price stability.
Ms. Amne Suedi, Chairperson of the Switzerland-Tanzania Chamber of Commerce, highlighted the importance of leveraging the competitiveness of the EAC bloc in global value chains. She emphasized the need for policy harmonization and infrastructure development to promote trade and enhance the prosperity of East Africans.
In conclusion, Tanzania’s economy is on a growth trajectory, supported by various sectors including agriculture, manufacturing, and finance. By focusing on industrialization, trade facilitation, and infrastructure development, the country can further enhance its economic performance and contribute to the prosperity of the East African region as a whole.
Read the original article on Burundi Times
