TANZANIA RANKS HIGH AMONG AFRICAN COUNTRIES IN ECONOMIC, INVESTMENT PERFORMANCE, SAYS SPOKESMAN

DAR-ES-SALAAM, TANZANIA'S economic and investment performance remains strong among African nations, emerging top among eastern African countries, says Chief Government Spokesperson and Director of Information Services Dr Hassan Abbas.

Tanzania's economy is growing at an average rate of 7.0 per cent, the highest rate among members of the East African Community (EAC), he told a media conference here Tuesday. Despite the global economic crisis, Tanzania has continued to remain strong in economic growth, becoming a leading economy and foreign investment destination in Africa and the first in the EAC, he said.

According to statistics for the EAC, Tanzania is leading with a 7.0 per cent economic growth rate, while Kenya's growth rate stands at 6.4 per cent, Rwanda is at 6.0 per cent and Uganda 4.5 per cent. Dr Abbas said reports by the World Bank and International Monetary Fund (IFM) also indicate strong economic growth in Tanzania.

He also noted that statistics from the Bank of Tanzania (BoT) affirmed that Tanzania had sustained high economic growth.

The strong growth is supported by reforms implemented in various development sectors, including health, energy and education sectors, he said, adding that the performance was also attributed to huge investments being initiated by the government and rising revenue collection.

In investment performance, Dr Abbas said Quantum Global Research reports indicated that Tanzania ranked number eight in Africa and first in the EAC in investments.

Source: NAM NEWS NETWORK