Impressive economic growth

  • GDP hits 85.42 billion USD
  • The GDP surpasses those of some European countries
  • TZ among biggest economies in Sub-Saharan Africa
  • The growth has come in just two years

TANZANIA Gross Domestic Product (GDP) has grown to 85.42 billion US dollars in the year 2023, up from77.06 and 69.94billion US dollars in the years 2022 and 2021 respectively, the International Monetary Fund (IMF) has revealed.

This growth has come in just two years of President Samia Suluhu Hassan in office, as she has made tremendous efforts in attracting business and investments through various policies and guidelines.

In its latest report, the IMF indicates that the improvement in GDP has enabled the economy to feature in a top ten list of biggest Sub- Saharan Africa in 2023.

The statistics shows that Tanzania is now number six in the top ten countries with big economies in Sub-Saharan Africa, surpassing some European countries.

According to the IMF, a list of top ten Sub Saharan African countries has Nigeria, South Africa, Ethiopia, Kenya, Angola, Tanzania, Ivory Coast and Democratic Republic of Congo (DRC).

Some of the European countries whose economies are now smaller than Tanzania are Croatia (78.8 billion US dollars) Lithuania (78.3 billion US dollars), Serbia (73.9 billion US dollars) and Slovenia whose GDP is recorded at 68.1 billion US dollars.

Chief Government Spokesperson, who is also the Director of Information Services Gerson Msigwa, hailed President Samia for her proper guidance and determination in building the economy, resulting in achievements that have been recorded.

On several occasions, President Samia has been insisting on the government’s determination to build the economy through creation of conducive environment for business and investments.

The Head of State has also conducted a number of foreign trips as well as hosting some foreign leaders where Tanzania has been marketing the available business opportunities as a result of the achievements that the country has recorded so far.

In April 2021, President Samia demanded sweeping reforms in the investment sector, as part of her government’s grand plan to restore trust of investors in the country.

The President ordered the investment docket to immediately establish a one-stop centre in a bid to stamp out bureaucracy in issuance of services.

This, according to the Head of State, would play a crucial role in attracting more foreign and local investors, increase government revenue, create employment, including propelling the county’s economic growth.

She said it was crucial for the country through the investment docket to ensure Tanzania regains the investors’ trust by improving the climate that forces some of them to shift their business to other countries.

“The One Stop Centre would remove all kinds of bureaucracy and corrupt practices… we have to clear the perception among foreign investors that Tanzania is unpredictable,” she was quoted as instructed.

Dr Samia insisted that there was no need for investors to hustle around various institutions to secure business certificates and permits.

The president also expressed her concerns over the issuance of work permits, saying there was a bureaucracy that was discouraging and chasing investors away.

The recent statistics by the Tanzania Investment Centre (TIC) shows that between March 2021 and February 2023, the country registered 575 investment projects worth 8.64 billion US dollars (about 20tri/-).

The country has also recorded an upsurge of Foreign Direct Investments (TIC) by 24 per cent being owed to the President’s trips and meetings abroad in the quest of promoting the country’s trade and investment opportunities.

TIC Executive Director, Mr Gilead Teri, said local investments have increased by 26 per cent, thanks to domestic promotion and availability of incentives in the country.

The projects which were registered between March 2021 and February 2023 have created a total of 87,187 jobs,” Mr Teri said recently in the data made available to the public.

The TIC Boss observed that out of the 575 projects, 32 per cent belonged to Tanzanians and 41 per cent to foreigners.

The assessment shows that a large chunk of the registered projects come from key sectors including 280 from industry (48.70 per cent), 96 from transportation (16.70 per cent), 48 projects from tourism (8.35 per cent), 44 agriculture (8.17 per cent) and 44 commercial buildings (7.65 per cent).

In effectively implementing the Third Five-Year Development Plan (FYDP III) particularly in the area of attracting investment, TIC has set various priorities in production of goods that the country was spending a lot of money to import from outside the country.

The priorities include the promotion of local industries which source their raw materials from agriculture, livestock, fisheries and forestry.

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