Tanzania among top 10 fastest-growing economies
Tanzania has earned the distinction of being among the world's 10 fastest-growing economies. The east African nation grew at the rate of 6.8 per cent, according to the 2020 African Economic Outlook report. Other five African countries that have been making impressive growths are Rwanda (8.7 per cent), Ethiopia (7.4 per cent), Côte d'Ivoire (7.4 per cent), Ghana (7.1 per cent) and Benin 6.7 per cent.
Not only did Tanzania achieve the highest growth rate among African countries, it’s inflation also fell to 3.3 per cent in 2019 due to improved food supply. The Tanzanian shilling also stood fairly stable in 2019, exchanging at an average of 2,290 to the dollar, compared with 2,263 in 2018.
An impressive growth in the middle class of Africa has seen a steady rise in demand for consumer and capital goods all across Africa. The East Africa region has emerged as the continent's fastest-growing regions with an average growth estimated at five per cent in 2019; North Africa is currently the second-fastest, at 4.1 per cent, whereas West Africa's growth has been recoded at 3.7 per cent in 2019.
The 2020 African Economic Outlook report predicts that Tanzania's growth will to be stable at 6.4pc in 2020 and 6.6 per cent in 2021.
Overall, Africa's economic growth stood steady at 3.4 per cent in 2019 and is expected to pick up to 3.9 per cent in 2020 and 4.1 per cent in 2021.
