Tanzania sees economic growth decelerating to 4pc in 2020

DAR ES SALAAM. Tanzania’s economic growth could fall to 4% this calender year due to effects of the coronavirus pandemic, according to Fi- nance Minister Philip Mpango. 

Economic expansion “could further decline depending on the extent of the impact of the coronavirus outbreak on different sectors of the economy,” Mpango told law- makers on Friday in a presentation seen by Bloomberg. 

Tanzania’s economy grew 7% in 2019 and was expected to expand by a similar pace this year before the virus took it’s 

toll on the East African nation. Inflation is expected to re- main below 10%, while the budget deficit could widen to 2.8% of gross domestic prod- uct, he said. The financing gap was initially forecast at 2.6% of GDP for fiscal 2020-21, up from a projected 2.3% in the previous corresponding period.