DAR-ES-SALAAM, Tanzania's economic growth is superb, thanks to the country's good fiscal policy, according to the World Bank's Senior Director for Macro-economics, Trade and Investment Global Practice, Dr Felipe Jaramillo, who says Tanzania is among African countries whose economies are progressing well.
According to him, in Africa, Tanzania remains among the top performers in having a steady growth rate. He was speaking on the state of the global economy, key concerns and implications for Africa in a presentation at the University of Dar es Salaam (UDSM) on Monday.
According to Dr Jaramillo, for Africa to improve its economy, it is important to improve the investment climate, education infrastructure and strengthen governance, among other actions. Countries with lower per capita have less dense roads and railroads, therefore, there is need to improve infrastructure,'' he added.
He said countries with natural resources need to use them better to improve the quality of infrastructure and aspire to raise the quality of education.
Tanzania has sustained relatively high economic growth over the past decade, averaging 6.0 per cent to 7.0 per cent a year, with its poverty rate declining. Globally, according to Dr Jaramillo, 2018 looks like a good year for sub-Saharan Africa (SSA), although he was quick to point out that it was difficult to predict if the trend will remain the same.
He added that Africa's economic growth was robust until recently and that the fastest growing economies, including Tanzania, were doing very well.
Growth in SSA is projected at 3.2 per cent in 2018 and 3.5 per cent in 2019, slightly above the population growth and progress in non-resource intensive countries is projected to remain robust, spearheaded by Senegal and Cote d'Ivoire,'' he said.
Source: NAM NEWS NETWORK