Tanzania’s GDP to accelerate to 5.4% in 2024

On Thursday, Kitila Mkumbo, Tanzania’s Minister of State for Planning and Investment, projected that the country’s economy will grow 5.4% in 2024, up from 5.1% in 2023. This growth is a rebound from 4.7% in 2022 and is driven by sectors like tourism, mining, agriculture, and manufacturing. The government expects the budget deficit to remain below 3% of GDP. The World Bank reported in March that Tanzania’s growth, despite climate change challenges, is supported by strong business confidence and improved trade balances. President Samia Suluhu Hassan’s administration has implemented economic reforms aiming to restore growth rates to pre-pandemic levels of 6-7%. Additionally, the central bank raised its key interest rate to 6% in April to address inflation.