Tanzania has revised its Real Gross Domestic Product growth rate for 2022 to 4.7 percent as the ongoing tension in Ukraine weighs in on the ongoing economic recovery. The projection is lower than earlier estimates of 5.5 percent. Presenting a statement on the State of the National Economy in Parliament yesterday, Finance and Planning minister Mwigulu Nchemba said the economy will expand by 4.7 percent in 2022. “We project the growth at 4.7 percent, taking into account the impact of the Russia-Ukraine war which has caused continued uncertainty, supply disruptions and soaring food and energy prices in the world,” said Dr Nchemba.
However, the economy is expected to firm up next year, to 5.3 percent, with the minister banking his hopes on a number of measures that the government has been embarking on. The measures include increasing involvement of the private sector in development, scaling up government’s capacity in dealing with natural and unnatural hazards and ensuring food security. Last year, the real GDP grew by 4.9 percent as the economy started recovering from the impact of Covid-19 that disrupted economic activities around the globe.