Economic Overview. Key sectors supported include transport (26%), urban development (20%), energy (15%), water (12%), education (9%), social protection (8%), health/nutrition (5%), environment/natural resources (4%) and agriculture, governance and poverty projects make up the rest of the portfolio. Africa’s poorest countries saw little to no progress on average in improving the quality of their policy and institutional frameworks in 2018. We'll assume you're ok with this, but you can opt-out if you wish. On housing finance, the WB has supported the development of the mortgage finance and affordable housing markets through a sustainable private sector-driven approach. Tanzania Economic Summary- 2020 (Source: The World Bank/ AfDB Group - African Economic Outlook (AEO) 2019) Tanzania has sustained relatively high economic growth over the last decade, averaging 6-7% a year.The medium-term outlook is positive, with growth projected at 6.6% in 2020/21, supported by large infrastructure spending. The Worldwide Governance Indicators show Tanzania has either deteriorated or has been stagnant in all governance indicators between 2012 and 2017 (except for control of corruption). The most recent poverty measures based on the Household Budget Survey of 2017/18 are still being processed, but it seems likely that the downward trend in the poverty rate continues but has become more gradual. July 21, 2020. Inconsistent policymaking, particularly regarding trade, will deter investment.
A markedly diversified economy, characterized by robust private consumption, substantial public spending, strong investment growth, and an upturn in exports underpinned the positive outlook. The World Bank’s 2019 forecast is lower than the government estimate of 7.1%, the second time this year its estimates have differed sharply from the government’s. Human capital, the total of a country’s potential, is a primary factor in spurring economic growth and enhancing competitiveness. Learn how the World Bank Group is helping countries with COVID-19 (coronavirus). ALL RIGHTS RESERVED. With 189 member countries, staff from more than 170 countries, and offices in over 130 locations, the World Bank Group is a unique global partnership: five institutions working for sustainable solutions that reduce poverty and build shared prosperity in developing countries. July 22, 2020. Fiscal consolidation with a focus on expenditure rationalization will preserve macroeconomic stability. This is indicated in the Guidelines for the Preparation of Plans and Budget for 2017–2018, issued by Tanzania’s Ministry of Finance in November 2016. The planned deficit will be financed largely by non-concessional loans. Tanzania is also included in seven regional projects, with its total commitments reaching $938.35 million supporting the transport, energy, environment, health and education sectors.In March 2018, the Bank’s Board of Executive Directors endorsed the new The CPF 2018-2022 represents both continuity with, and enhancement of, the current program and more intensive engagement in priority areas.