The Tanzania economy reported a 7.1% Gross Domestic Product (GDP) growth during the first half of 2014 and forecasts a total economic growth of 7.2% for this year with additional growth expected to continue in future years.
According to Stephen Wasira, Minister of State in the office of the President, the country’s economy is expected to reach 7.4% and 7.5% in 2015 and 2016 respectively.
With reports showing that the country’s per capita income has increased from USD 600 in 2012 to USD 706 dollars last year, Hon. Wasira indicated that additional improvements are needed if the country wants to achieve the middle-income economy status as laid in its 20105 vision.
“We obviously need a much bigger push to become a lower middle-income economy with a per capita income of between USD 1,036 and USD 4,085,” he said.
Hon. Wasira went on to explain that the government plans to spend approximately USD 3.39 billion during the 2015-2016 fiscal year on development projects, that will include investment in infrastructure including improvements to railways, ports, airports, and roads as well as the country’s energy sector.