Tanzania has managed a steadily robust growth path amid multiple external shocks, with low and stable inflation by regional standards. While poverty reduction has progressed slowly, the government increased public spending on goods, services, and transfers during the first eight months (8M) of FY2023/24 to enhance the provision of priority social services. Domestic revenue observed double-digit growth, indicating the government’s commitment to revenue mobilization and fiscal consolidation. The current-account deficit narrowed, driven by increased imports and a surge in foreign exchange earnings from the tourism sector. However, foreign exchange challenges persist, which has motivated the Bank of Tanzania (BoT) to raise the policy rate and implement other prudent monetary policies. Over the medium term, the economy is set to grow at around 6 percent, supported by escalated private investments resulting from a strengthened business environment. A positive macroeconomic outlook and an enhanced agricultural productivity have contributed to the estimated decline in poverty. Major risks to the outlook include incomplete implementation of reforms, climate change, and a deterioration of the global economy.
Authors
- Citation
- “ World Bank . 2024 . Tanzania Economic Update, Issue 21 -Harnessing the Opportunity for a Climate-Smart and Competitive Livestock Sector in Tanzania . © Washington, DC: World Bank . http://hdl.handle.net/10986/42069 License: CC BY-NC 3.0 IGO . ”
- Collection(s)
- Economic Updates and Modeling
- DOI
- https://doi.org/10.1596/42069
- Identifier externaldocumentum
- 34377726
- Identifier internaldocumentum
- 34377726
- Pages
- 72
- Published in
- United States of America
- Region country
- Tanzania
- Report
- 191120
- Rights
- CC BY-NC 3.0 IGO
- Rights Holder
- World Bank
- Rights URI
- https://creativecommons.org/licenses/by-nc/3.0/igo
- UNIT
- EFI-AFR1-MTI-MacroFiscal-1 (EAEM1)
- URI
- https://hdl.handle.net/10986/42069
- date disclosure
- 2024-08-21
- region administrative
- Africa Eastern and Southern (AFE)
- theme
- Inclusive Growth,Rural Water and Sanitation,Gender,Human Development and Gender,Data Development and Capacity Building,Economic Policy,Rural Development,Public Finance Management,Economic Growth and Planning,Fiscal Policy,Domestic Revenue Administration,Public Sector Management,Urban and Rural Development,Data production, accessibility and use,Public Expenditure Policy,Macroeconomic & Structural Policy Modelling,Structural Transformation and Economic Diversification
Files
Table of Contents
- Issue 21 2024 1
- Harnessing the Opportunity for a Climate-Smart 3
- TABLE OF CONTENTS 5
- ACRONYMS AND ABBREVIATIONS 9
- PREFACE 11
- EXECUTIVE SUMMARY 13
- Recent Economic Developments 13
- Harnessing a Climate-Smart and Competitive Livestock Sector 15
- RECENT ECONOMIC DEVELOPMENTS 21
- Economic Activity and Poverty Trends 21
- Monetary Policy and Inflation 26
- Fiscal and Debt Developments 30
- Balance-of-Payments Position 34
- Zanzibar Macroeconomic Assessment 37
- MACROECONOMIC OUTLOOK AND RISKS 41
- SPECIAL FOCUS HARNESSING A CLIMATE-SMART AND COMPETITIVE LIVESTOCK SECTOR 45
- Introduction 45
- Recent Trends and Developments in Tanzanias Livestock Sector 46
- Climate Change and Other Drivers of Vulnerability 52
- Barriers to Competitiveness 54
- Emerging Strengths and Opportunities 55
- Tackling Methane Tanzanias Livestock Sector A Solution in Climate Change Mitigation 57
- Policy Recommendations 59
- ANNEX 1 63
- CORE MACROECONOMIC DATA SOURCES FOR THE REPORT 63
- ANNEX 2 65
- SUMMARY OF SPECIAL FOCUSES FROM THE LATEST TANZANIA ECONOMIC UPDATES 65
- ANNEX 3 67
- REFERENCES FOR THE SPECIAL SECTION 67
