Few days ago I received an email from a friend about Standard Chartered Bank forecasts on the African Economies. The Bank listed 10 largest economies in Africa and did a simulation for 2030 using current growth rates. I immediately glanced into the report to find out how big Tanzanian economy would be in 2030 against its neighbours in the region and especially Kenya. Since I’ve recovered from my illness, thoughts about Tanzanian economy and how to address the poverty challenge has been lingering in my mind, so report came at a right time.
The report says Tanzanian economy is 7th in Africa at 64bn USD (PPP GDP) after South Africa (555), Nigeria (415), Angola (116), Ethiopia(95), Ghana (75) and Kenya (72) at top six and before Cameroon (47), Uganda (46) and Ivory Coast (36) making the rest in the top 10.
In their forecast Tanzania will be 6th largest economy by 2030 with a GDP of 230bn USD overtaking Kenya which will have a GDP of 217bn USD. At the top will be Nigeria (1640), South Africa (974), Ethiopia (375), Ghana (323) and Angola (293). This forecast assumes the current rate of growth of 7%.