Bank of Tanzania (BoT), the central bank of the East African country is forecasting a 0.1% rise in economic growth expected to reach 7.3% this year.
According to the issuing bank, the rise in imports will lead to a current account deficit (4.3% in 2019) which was 3.5% in 2018. As for inflation, it will remain at 5% in « Because of improvement in the food supply, good weather conditions and the reduction of energy costs ».
« This performance will be driven by the commissioning of major infrastructure, favorable weather conditions and the vigorous implementation of an industrialization strategy, » the central bank said in a statement.
Based in Dar-es-salam, the BoT’s mission is to maintain price stability and promote the integrity and stability of the financial system in line with the growth of the national economy.