Economy of Tanzania

Common card · No. 355362

Tanzania has a developing economy considered lower-middle income. It is centered around manufacturing, tourism, agriculture, and financial services. Tanzania's economy has been transitioning from a planned economy to a market economy since 1985. Although the total GDP has increased since these reforms began, GDP per capita dropped sharply at first, and only exceeded the pre-transition figure in around 2007. The value of Tanzania's GDP at current prices reached USD 174.7 billion in 2022. Tanzania has the 2nd largest economy in East Africa after Kenya, and the 7th largest in Sub-Saharan Africa. It has sustained relatively high economic growth compared to global trends, as is characteristic of African nations. According to World Bank data, the last 5 years have seen the slowest growth since 2000. The medium-term outlook is so far positive, with growth projected at 8 percent in 2020/21, which is supported by large infrastructure spending. On 7 September 2021, the IMF approved US$567.25 million...

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