DAR ES SALAAM: TANZANIAN top business figures have expressed optimism about local economic growth, with 81 per cent of them saying it will improve in the next 12 months.
The optimism was expressed during the 28th Annual Global CEO Survey by PricewaterhouseCoopers (PwC), which took place in Dar es Salaam on Tuesday.
The PwC Tanzania Country Senior Partner, Ms Zainabu Msimbe, emphasised that local economic growth remains resilient amid the geopolitical tensions, regional conflicts and rising cyber risks.
“The nation’s resilience in the face of global challenges highlights the strength and stability of Tanzania’s economic growth, despite rising geopolitical tensions, regional conflicts and cyber risks,” she said.
The survey reveals that while Tanzania’s local economy shows a positive outlook, CEOs remain cautious about global economic growth.
It also reveals that while 59 per cent of CEOs expect global economic improvement, many remain concerned about inflationary pressures and market instability.
The survey reveals that 31 per cent of CEOs view regional geopolitical conflicts as a growing threat, while 28 per cent cite inflation and cyber risks.
While Tanzanian CEOs remain optimistic about their business models, some express uncertainty about their long-term sustainability.
Forty-one per cent believe their businesses will remain viable for less than 10 years, while 53 per cent expect viability for over a decade.
The CEOs are confident in long-term success, attributing it to both internal and external factors. Internally, 61 per cent highlight organisational efficiencies, 55 per cent point to strategic choices and 39 per cent emphasise the importance of skills.
Externally, 48 per cent cite growing product/service demand, 45 per cent mention disruptive technologies and 35 per cent note easier financing.
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The immediate past Chairman of the Confederation of Tanzania Industries (CTI), Mr Paul Makanza, noted that CEOs are increasingly cautious about rising geopolitical tensions, which could lead to economic instability and market volatility. Many are reassessing their strategies to focus on resilience and regional collaboration.
While global inflation is expected to ease in the next year, uncertainty about market performance persists, explaining why 29 per cent of global CEOs are concerned about macroeconomic volatility.
Cyber risk also remains a major concern for both Tanzanian and global CEOs, driven by the growing adoption of digital technologies, including AI.
The PwC survey found that 52 per cent of CEOs expect AI to boost profitability, with 50 per cent of Tanzanian business leaders planning to integrate Generative AI into their platforms within three years.
