<\/p>\n
The latest World Bank Group Tanzania Economic Update projects average medium-term growth of 6.5%, supported by increasing private-sector activity.<\/p>\n
<\/p>\n
Inflation remains within the Bank of Tanzania\u2019s target range, public debt is considered sustainable and strong private-sector credit growth indicates expanding economic activity.<\/p>\n
<\/p>\n
However, the World Bank said the outlook depended on growth-supporting fiscal consolidation and continued reforms to improve Tanzania\u2019s business environment.<\/p>\n
<\/p>\n
The report found that Tanzania\u2019s main employment challenge was not a shortage of jobs but insufficient access to productive, secure and better-paid work.<\/p>\n
<\/p>\n
Although the employment rate is among the highest globally, most Tanzanians work in low-productivity activities, particularly agriculture and informal employment.<\/p>\n
<\/p>\n
Many workers also have limited skills and remain highly vulnerable to economic and climate-related shocks. \u201cTanzania\u2019s economy continues to grow despite global uncertainty and climate risks,\u201d World Bank Division Director for Tanzania Firas Raad said.<\/p>\n
<\/p>\n
\u201cTo turn that growth into better jobs, the country needs to make deliberate policy choices and keep investing in education, skills and health.\u201d<\/p>\n
<\/p>\n
Raad said stronger human capital would help make economic growth more inclusive and sustainable.<\/p>\n
<\/p>\n
The World Bank identified two main priorities: developing a stronger workforce through improved education, skills, social protection and labour-market systems, and expanding the number of productive businesses capable of creating quality employment. \u201cTanzania\u2019s jobs challenge is ultimately a firm growth challenge,\u201d said International Finance Corporation Division Director for Tanzania Mary-Jean Moyo.<\/p>\n
<\/p>\n
\u201cBy helping productive firms invest, expand and create more quality jobs, we can make economic growth more inclusive and deliver better opportunities for Tanzanians.\u201d<\/p>\n
<\/p>\n
The report said Tanzania should establish a stable and predictable business environment capable of attracting more domestic and foreign private investment.<\/p>\n
<\/p>\n
That would support the country\u2019s Vision 2050 objective of making the private sector the dominant source of investment financing.<\/p>\n
<\/p>\n
The World Bank said policies should help productive companies overcome barriers to investment and expansion while improving workers\u2019 access to skills, healthcare and employment support.<\/p>\n
<\/p>\n
Successfully linking workforce development with private-sector growth could allow Tanzania to convert strong economic expansion into higher incomes, lower poverty and more secure livelihoods.<\/p>\n
<\/p>\n
–WorldBank\/ChannelAfrica–<\/p>\n","protected":false},"featured_media":43831,"template":"","meta":{"_acf_changed":false,"_links_to":"","_links_to_target":""},"news-type":[44],"class_list":["post-47102","news","type-news","status-publish","has-post-thumbnail","hentry","news-type-finance","entry"],"acf":{"short_description":"Tanzania\u2019s economy is projected to grow by 6.1% in 2026, but low-productivity employment could prevent expansion from delivering meaningful improvements in living standards.","published_date":"","news_description":"Tanzania\u2019s economy is projected to grow by 6.1% in 2026, but low-productivity employment could prevent expansion from delivering meaningful improvements in living standards.","form_embed":"","author":"","image_caption":""},"_links":{"self":[{"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/news\/47102","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/news"}],"about":[{"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/types\/news"}],"version-history":[{"count":1,"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/news\/47102\/revisions"}],"predecessor-version":[{"id":47103,"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/news\/47102\/revisions\/47103"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/media\/43831"}],"wp:attachment":[{"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/media?parent=47102"}],"wp:term":[{"taxonomy":"news-type","embeddable":true,"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/news-type?post=47102"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}