Tanzania Tenders

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The economy of Tanzania is a lower-middle income economy that is overwhelmingly dependent on agriculture. Tanzania's economy has been transitioning from a command economy to a market economy since 1985. Although total GDP has increased since these reforms began, GDP per capita dropped sharply at first, and only exceeded the pre-transition figure in around 2007. Following the rebasing of the economy in 2014, the GDP increased by a third to $41.33 billion. In 2020, the real GDP of Tanzania grew by 4.8% reaching USD 64.4 billion versus USD 60.8 billion in 2019. This growth made it the 2nd largest economy in East Africa after Kenya, and the 7th largest in Sub-Saharan Africa. It has sustained relatively high economic growth compared to global trends, as is characteristic of African nations. It is worth noting that according to World Bank data, the last 5 years have seen the slowest growth since 2000. The medium-term outlook is so far positive, with growth projected at 6 percent in 2020/21, which is supported by large infrastructure spending. The World Bank expects the economic growth of Tanzania to slow to 2.5% in 2020 due to the Covid-19 pandemic which has affected the labor market, the production capacity, and productivity. Tourism has halted, and exports of manufacturing and agricultural goods slumped. On 7 September 2021, the IMF approved USD 567.25 million in emergency financial assistance to support Tanzania’s efforts in responding to the Covid-19 pandemic by addressing the urgent health, humanitarian, and economic costs. The IMF projects a GDP growth for Tanzania of +4.0% and +5.1% in 2021 and 2022, and 6.0% in 2026.