Tanzania Targets Annual Average GDP Growth of 8% Over Five Years

Tanzanian President John Magufuli expects the nation’s economy to grow at an average rate of 8% over the next five years, partly due to increased government spending.

Expansion could increase from an annual average of 7% over the past five years, Magufuli said in his first address to lawmakers since he was re-elected for a second five-year term last month. Growth may fall to 4% this year from 7% previously due to the effects of the coronavirus pandemic.

Magufuli plans to boost the economy by ensuring macro stability, increasing public investment as well as improving the private business environment. The government will expand irrigation and purchase a freighter to increase shipments of horticulture products and fish.

©2020 Bloomberg L.P.

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