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.
