Saturday, July 04, 2020

Tanzania Becomes a Middle-Income Nation

Tanzania is now officially a middle-income country after the World Bank published a reviewed classification of world economies.
The East African nation enters into that bracket of middle-income countries with a GNI per capita of between $1,006 (£806) and $3,955 - a rough measure of each person's annual national income.
Last year, Tanzania’s economy grew by 6.8% in 2019 and 7% in 2018, one of the fastest growth rates in the world.
According to analysts, this rate of growth has been going for over a decade, and continued after President John Magufuli took office.
The country is the second largest economy in the region and now joins Kenya as the second East Africa Community member state in the middle-income bracket.
Will it make any difference to the poor?

No comments: