Diplomatist Special Report - Tanzania Tanzania 2018 - Page 22

Karibu, Tanzania! Over the years, there has been a lot of talk by some of the economic experts that Tanzania’s economy is rising at an admirable rate. Tanzania, with its large and growing population, strategic location, natural resources and internal political stability, presents an exceptionally attractive investment opportunity. By ENGINEER RAYMOND MBILINYI T anzania is a rapidly growing frontier market, ranking among the 20th fastest growing economies in the world. The country has exhibited an average GDP growth rate of around 7 percent for the past 10 years and, according to fi gures released by the IMF and World Bank, it is predicted to continue this rapid economic growth for at least the next decade. The World Economic Forum has ranked Tanzania to be among the top ten fastest growing economies in 2018. This highlights the potential for the economy to maintain its upward growth trajectory in the long run. Over the last two decades, the country has transformed itself from a centrally planned economy to a market-oriented system through successful implementation of free market- oriented reforms. These reforms have resulted in a positive growth trend and impressive macroeconomic indicators with infl ation rates falling from 24.7 percent in 1995 to 5 percent in 2017. Foreign Direct Investment (FDI) has substantially increased, with an infl ow of 2 billion USD per year in 2015, 22 •TANZANIA one of the highest in Sub-Saharan Africa. Growth in FDI is driven by new investments in manufacturing, tourism, telecommunication, banking, oil and gas and cross-border transport services, mining and real estate. According to the Central Bank و[[XKHݙ\[[[Hو^[Y[[\ݙYYۚ{ H[HH\\›وT K M Z[[ۈ[HYX\[[[X\H N\\Y]T MˍZ[[ۈ[HYX\[[[X\B MˈH\\وT KLM Z[[ۈ\X[\Y[B\X\X[[HYX\[[[X\H N  ˎ\[Y\[H\\XܙY[H[YHX܈[Bܜ\ۙ[\[[ MˈH[\ݙ[Y[[[YYH[[ܙX\H[\X\XZ\[HX[H[\X\œ^[Y[ˈ\X\XZ\HH L \[TM Z[[ۈHH[[[X[\Y[HXY[žYX\\[H۝X]YHH\ܛX[Hو][[[ܝXZ\ˈH[\ݙ[Y[[H[[Hق^[Y[]HY[][HH\\[ ^و\\[