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- Aug 2, 2010
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The World Bank has predicted Tanzania, Rwanda, Ethiopia, Ivory Coast and Mozambique will be sustaining their economic growth rate by at least 7 percent in the next two years.
The statement of the World Bank's Acting Chief Economist Punam Chuhan-Pole comes after Tanzania posted a robust economic growth even though the economic conditions of the world is weak.
According to International Monetary Fund (IMF), the recent macroeconomic developments of the country have been broadly favorable. It said the GDP of east African countries was estimated to have grown by 6.5 percent in the first quarter of this year. Strong performance came from communication, information, financial services, electricity generation and transport.
Chuhan said the economic growth of the world is predicted to be slowing down from 4.6 percent to 3.7 percent this year and to withstand these the governments of the African countries need to improve public expenditures efficiency like strengthening tax administration and prioritising key investments.
She added the inflammation was high in past few months to 6.4 percent in August and it was driven by the supply side factors mainly the food prices.
Senior economist and professor Humphrey Moshi fromn the University of Dar es Salaam said registering such growth is good for the country, but if the manufacturing and agriculture sectors does not grow, it would be meaningless.
He added the most to matter is quality of growth. If the oil, gas and mining grow fasters than the industry and agriculture sectors, the impact on poverty reduction and job creation would not be much.
The statement of the World Bank's Acting Chief Economist Punam Chuhan-Pole comes after Tanzania posted a robust economic growth even though the economic conditions of the world is weak.
According to International Monetary Fund (IMF), the recent macroeconomic developments of the country have been broadly favorable. It said the GDP of east African countries was estimated to have grown by 6.5 percent in the first quarter of this year. Strong performance came from communication, information, financial services, electricity generation and transport.
Chuhan said the economic growth of the world is predicted to be slowing down from 4.6 percent to 3.7 percent this year and to withstand these the governments of the African countries need to improve public expenditures efficiency like strengthening tax administration and prioritising key investments.
She added the inflammation was high in past few months to 6.4 percent in August and it was driven by the supply side factors mainly the food prices.
Senior economist and professor Humphrey Moshi fromn the University of Dar es Salaam said registering such growth is good for the country, but if the manufacturing and agriculture sectors does not grow, it would be meaningless.
He added the most to matter is quality of growth. If the oil, gas and mining grow fasters than the industry and agriculture sectors, the impact on poverty reduction and job creation would not be much.
