IMF Report: Tanzania’s Economic Growth Projected to Reach $136 Billion GDP by 2028

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According to a recent report by the International Monetary Fund (IMF), Tanzania’s economy is on track to achieve an impressive milestone, with a projected GDP of $136 billion by 2028. This forecast underscores the country’s steady economic growth and highlights its potential as a major player in the East African region.

The IMF report attributes Tanzania’s promising economic trajectory to several key factors, including sustained macroeconomic stability, ongoing infrastructure investments, a growing service sector, and a commitment to economic reform and diversification. The country’s focus on attracting foreign investment, promoting sustainable development, and fostering a favorable business climate are also cited as contributing factors to its economic expansion.

Tanzania’s GDP growth is expected to be driven by various sectors, including agriculture, tourism, mining, and manufacturing. The agriculture sector, which employs a significant portion of the population, is making strides in modernizing its practices and increasing productivity.

With its wealth of natural resources and breathtaking landscapes, Tanzania’s tourism industry continues to attract visitors from around the world, bolstering economic activity and creating employment opportunities. Furthermore, the mining and manufacturing sectors are poised for growth, supported by government initiatives aimed at enhancing industrialization and value addition in these key areas.

A growing GDP signifies increased economic output, higher incomes, improved living standards, and enhanced economic resilience. As Tanzania works towards realizing this economic milestone, it is expected to create new opportunities for businesses, entrepreneurs, and job seekers, while also contributing to poverty reduction and sustainable development efforts.

This optimistic outlook for Tanzania’s economy has garnered attention from global investors and international stakeholders, who see the country as an attractive investment destination with significant growth potential. The government’s commitment to fostering a conducive business environment, promoting trade and investment, and implementing sound economic policies has been instrumental in garnering confidence from both domestic and foreign investors.

As Tanzania looks ahead to achieving this ambitious GDP target, it is essential for the government to remain focused on sustaining the momentum of economic growth through prudent fiscal management, continued investment in infrastructure, and targeted reforms aimed at further unlocking the country’s economic potential. Additionally, efforts to improve education, healthcare, and social infrastructure will be crucial in ensuring that the benefits of economic growth are widely shared across society.

With a focus on inclusive and sustainable growth, Tanzania is well-positioned to capitalize on its strengths and emerge as a significant economic powerhouse in the East African region.

Also read Boosting Mining’s GDP Contribution in Tanzania: A 2025 Vision.

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Rutashubanyuma Nestory
Rutashubanyuma Nestory
5 months ago

The official estimate for Tanzania’s GDP was $175 billion at the end of 2023 in puchasing power partity terms.

World Economics has developed a database presenting GDP in Purchasing Power Parity terms with added estimates for the size of the informal economy and adjustments for out-of-date GDP base year data. World Economics estimates Tanzania’s GDP to be $283 billion – 61% larger than official estimates.

2023 data is based on IMF growth rate estimates applied to World Economics GDP data.

Tanzania’s data is highlighted in the table below, use the filter and sort order options to allow easy comparison with other countries.

Data source: World Economics Research, London

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