This archive report was first published on 12 June 2020.
On June 11, 2020, Tanzania's Finance Minister Philip Mpango announced a revised economic growth forecast of 5.5% for 2020, up from an initial estimate of 4%.
The revised projection comes after the government implemented measures to mitigate the economic impact of the COVID-19 pandemic, including encouraging people to return to work while taking health precautions.
According to Mpango, the growth forecast is expected to be buoyed by regional and global recovery expectations, despite the pandemic's impact on key sectors such as tourism.
“Real GDP growth is expected to slightly slow from the initial estimates of 6.9 per cent, to 5.5 per cent,” Mpango told parliament.
However, the revised forecast is lower than the initial 6.9% estimate due to the pandemic's impact on key sectors.
The World Bank had previously forecast a 2.5% GDP growth rate for 2020, citing the pandemic's impact on international trade and tourism.
Tanzania has confirmed 509 COVID-19 cases, with 21 deaths, and has opened its airports for commercial travel, encouraging tourists to visit.
