Tanzania's economy set to grow by 5.1 pct in 2023: World Bank-Xinhua

Tanzania's economy set to grow by 5.1 pct in 2023: World Bank

Source: Xinhua

Editor: huaxia

2023-09-20 20:42:45

DAR ES SALAAM, Sept. 20 (Xinhua) -- Despite global headwinds and regional droughts, Tanzania's economy is projected to expand by 5.1 percent in 2023 before rising further to about 6 percent in the medium term, according to a report published on Tuesday by the World Bank.

Tanzania's outlook is based on a favorable global economic environment and the government's timely completion of structural reforms aimed at strengthening the competitiveness of the economy, improving the business and investment climate, and reducing the cost of regulatory compliance, said the report released in Dar es Salaam, the commercial hub of Tanzania.

The report also forecasts that the inflation rate in the East African country will decrease from around 4 percent in 2023 to approximately 3.9 percent in 2025. This is primarily attributed to moderating global energy prices and a stable food supply, supported by increased public expenditure in the agriculture sector, as noted in the report.