Coronavirus: Covid-19 slows Tanzania’s economic growth to 5.5 percent

11 Juin 2020

Dar es Salaam, Tanzania, June 11 (Infosplusgabon) - The outbreak of Covid-19 pandemic has slowed Tanzania’s economic growth for 2020, from estimated 6.9 percent to 5.5 percent, the National Assembly was told in the capital, Dodoma, on Thursday.

Presenting the national state of the economy report for 2019 and the development plan for 2020/21 financial year, Tanzania’s Minister for Finance and Planning, Philip Mpango, said most of the country’s trading partners and sectors were adversely affected by the pandemic.

This year’s economic growth projection is below the previous estimates of 7 percent growth recorded in 2019.

Early this week the World Bank put Tanzania’s economic growth rate for this year at 2.5 percent, based on assumptions of strengthened government action on containing the Covid-19 pandemic and mitigating the economic impact, as well as improving external conditions.

In its report, the World Bank said even with additional policy actions to strengthen the health response and mitigate the economic effects, Tanzania’s Gross Domestic Product (GDP) growth in 2020 will likely slow sharply.

“Tourism has halted, and exports of manufacturing and agricultural goods have slumped,” reads the World Bank report.

FIN/ INFOSPLUSGABON/BOL/GABON2020

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