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World Bank advises Tanzania to increase investments in infrastructure to lift growth

DAR ES SALAAM Tanzania (Xinhua) -- The World Bank on Wednesday advised Tanzania to increase investments in infrastructure to promote the already impressive economic growth.

Albert Zeufack, the World Bank’s Chief Economist for the Africa Region, said although the east African nation’s economic growth was impressive, yet the country should improve both soft and hard infrastructure.

Zeufack was speaking in a teleconference at the launch of the Bank’s new report Africa’s Pulse, from the World Bank headquarters in Washington, D.C.

The economist said Tanzania was among seven countries in Africa that continued to exhibit economic resilience, supported by domestic demand as well as posting an annual growth rate above 5.4 percent in the past two years.

He mentioned other countries in Africa with economic resilience as Ivory Coast, Ethiopia, Kenya, Mali, Rwanda and Senegal.

“These countries have nearly 27 per cent of the region’s population and account for 13 per cent of the region’s total gross domestic product (GDP),” said Zeufack.

Last week, the World Bank said with strong and consistent growth rates of 6-7 percent, Tanzania has outperformed its east African neighbors of Kenya and Uganda.

“Tanzania’s growth rates continue to outperform her East African neighbors,” said Bella Bird, World Bank Country Director for Tanzania, Burundi, Malawi, and Somalia, at the launch of the World Bank’s 9th edition of the Tanzania Economic Update earlier, a series that provide regular review of the economy.

Speaking at the launch of the economic update in Dar es Salaam, Bird said by contrast Tanzania remains one of three economies in sub-Saharan Africa, together with Rwanda and Ethiopia, that continue to exhibit resilience in this challenging external environment.

Overall, she said, the Tanzanian economy has shown resilience amid flagging growth in sub-Saharan Africa in 2016, adding that Tanzania.

The bank said in its economic update similarly the poverty level in Tanzania has significantly declined from 60 percent to 47 percent based on 1.90 U.S. dollar per day global poverty line.

“The broad story of Tanzania’s growth and poverty reduction over the past decade is now well known,” the bank said in the update.



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