• “Tanzania’s economy is expected to increase by 5.6 percent this year,” said the report focusing on the 30 African biggest economies

Tanzania will be the third fastest growing economy in Africa for this year.

At 5.6 percent growth, the East African nation will trail Cote d’Ivoire and Rwanda, said a United Nations report.

Cote d’Ivoire, the world’s largest producer of cocoa (30 percent), will register a 6.5 percent growth for this year, projections indicated.

Successful technology-driven transformation and recent foreign direct investments will lead to a 7.8 percent GDP growth for Rwanda in 2023.

Uganda and the mineral-rich DR Congo, East African Community (EAC) partner states, would register a modest growth during 2023.

“Tanzania’s economy is expected to increase by 5.6 percent this year,” said the report focusing on the 30 African biggest economies.

The World Bank has ranked Tanzania the 10th richest country in Africa by overall gross domestic product (GDP) based on the current exchange rate.

The country trails Cote d’Ivoire, Ghana, Kenya, Ethiopia, Morocco and Algeria in succession.

Nigeria is currently the continent’s largest economy followed by South Africa and Egypt.

However, Tanzania is not among the 10 top economies in the continent by overall GDP based on purchasing power parity (PPP).

Although Tanzania alongside Cote d’Ivoire and Rwanda will ride high in growth, the situation will be slightly different for the continent.

According to the UN, Africa’s economic growth is expected to be impacted negatively by several factors in 2023.

The growth is projected to fall from 4.1 percent registered last year (2022) to 3.8 percent this year (2023).

Exports will continue to fall while elsewhere investors remain reluctant to take a risk with their money.

While growth in 2023 is expected to increase for West Africa, it is expected to remain stable in East and Central Africa.

North and Southern Africa which have the largest economies in the continent will see a fall in growth.

These have been attributed to a major rise in global inflation, higher borrowing costs as well as the impact of climate change.