WORLD BANK: Tanzania economic growth will drop sharply to 2.5% in 2020 from the projected 6.9% by the government due to effects brought by COVID-19

Return Of Undertaker

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Jun 12, 2012
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WORLD BANK: #Tanzania economic growth will drop sharply to 2.5% in 2020 from the projected 6.9% by the government due to effects brought by COVID-19.

There are risks for even slower growth if additional policy response is delayed, or the external environment does not improve.

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World Bank Economic Analysis Says Tanzania Can Seize Important Opportunities to Mitigate Negative Effects of the COVID-19 Pandemic

DAR ES SALAAM, June 8, 2020 –Notwithstanding Tanzania’s strong growth performance in 2019, a new World Bank report says its economy will also suffer the effects of the COVID-19 (coronavirus) pandemic and global economic crisis.

The World Bank’s 14th Tanzania Economic Update (TEU) forecasts economic growth to slow sharply in 2020, to 2.5 percent from the 6.9 percent growth the government reported in 2019, while recognizing significant uncertainty as the pandemic continues to unfold. The report recognizes mitigating steps government has already taken, and this forecast assumes the authorities will take additional health and economic policy measures to mitigate negative impacts. However, there are downside risks for even slower growth if additional policy response is delayed or not well-targeted, or the external environment does not markedly improve this year.

The TEU analyzes the key transmission channels of the global crisis to the Tanzanian economy, including lower export demand, supply chain disruptions for domestic producers and suppressed private consumption. International travel bans and caution against contracting the virus have severely hurt the tourism sector, which had been one of the fastest-growing sectors in the economy. Tourism operators in the country are now forecasting revenue contractions of 80 percent or more this year, and only a mild recovery next year, conditional on how well global demand rebounds.

Beyond the macro numbers, the analysis says the pandemic is impacting lives and livelihoods. Simulations using the recent Household Budget Survey data released in December 2019 show that the crisis could push 500,000 more citizens below the poverty line, particularly those in urban settings relying on self-employment and informal/micro enterprises.

The vulnerable people especially those employed in the informal economy are likely to bear the most severe impacts,” says Mara Warwick, World Bank Country Director for Tanzania, Malawi, Zambia and Zimbabwe.They tend to live in congested settlements with limited access to basic services and they also lack adequate safety nets and have limited savings. Women and women-headed families will be more significantly impacted.”

The report also has a special highlight on the benefits of investing in Tanzania’s digital economy, both to support stronger policy responses to the current crisis as well as boosting the recovery in productivity and job creation. The country has already made good progress in the ICT sector which it can build upon, including the strong network of existing mobile accounts to streamline new cash transfer schemes and widen the coverage of existing social programs. Tanzania also is currently connected to three international undersea cables and, working with the private sector, could harness greater internet capacity to ensure continuity of government and education.

If the digital economy is to rapidly expand to support the government’s response to the pandemic, there are a number of interventions that need to be considered, including making mobile money and low-value data packages affordable for the poor and removing barriers that currently prevent competitive mobile operators from investing in their own infrastructure,” says Tim Kelly, World Bank Lead Digital Development Specialist.

Source: World Bank Economic Analysis Says Tanzania Can Seize Important Opportunities to Mitigate Negative Effects of the COVID-19 Pandemic
 

bagamoyo

JF-Expert Member
Jan 14, 2010
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Watakataa na kudai ni njama za mabeberu manake Tanzania hakuna Covid-19 wala hatujafunga mipaka au kuweka hata partial lockdown.
 

barafuyamoto

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Jul 26, 2014
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WORLD BANK: #Tanzania economic growth will drop sharply to 2.5% in 2020 from the projected 6.9% by the government due to effects brought by COVID-19.

There are risks for even slower growth if additional policy response is delayed, or the external environment does not improve.

View attachment 1472237 https://t.co/NQx7akuqeK
So now the recognize the government economic growth projection!!!
Inachekesha sana hawatoo takwimu za ukuaji uchumi wa zambia
 

mbenge

JF-Expert Member
May 15, 2019
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Hapa ndipo wachumi wa BOT na MoF wanapaswa kuumiza vichwa ili kunusuru sekta muhimu za kiuchumi. Na hapa ndipo suala la "stimulus package" linatakiwa liandaliwe kwa hati ya dharura, wala siyo hayo mengine ya kipuuzi ya kuleta mswada bungeni kupitia hati ya dharura ili kuwapa kinga ya kutokushtakiwa wale wote wenye maelekezo maalum ya kufanya udhalimu uovu na kuinajisi katiba ya nchi kwa makusudi na malengo binafsi.
 

Mzalendo2015

JF-Expert Member
Aug 14, 2012
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Mataifa mengi yameathirika na hi covid 19 baadhi yao wameshaanza kujibust ili kuokoa chumi zao..
Ni muda muafaka kwa serikali kuonyesha maana nzima ya kuitwa serikali.

Kwa hii Serikali ya Jiwe Uchumi unaweza kuporomoka zaidi ya hapo!
Jiwe amekuwa na Kibri Cha kutosikiliza maelekezo ya WHO kiadi kwamba hivi Sasa Biashara na majirani iko Mashakani! Lakini pia hata hili la kufungua Anga kwa Utalii bado Kuna mashaka makubwa kwa vile nchi Kama Marekani hazija amini kuwa Tanzania imeidhibiti Covid-19!
The Tanzania government hasn't been transparancy on Covid-19!
 

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