In a recent forecast, the International Monetary Fund (IMF) has highlighted Tanzania’s anticipated rapid economic growth in the year 2024, positioning the nation among the top performers globally and within the African continent.
According to the IMF report, Tanzania is one of the 12 African countries and 22 nations globally expected to experience significant economic growth in the coming year. The report underscores Tanzania’s increasing prominence alongside Ethiopia in the realm of sub-Saharan African economic expansion.
“Tanzania and Ethiopia are turning into bigger players in sub-Saharan African economic growth day by day,” states the IMF report, emphasizing the pivotal role of local production and industrial development as key drivers of positive growth in both countries.
The Bretton Woods institution projects a growth rate of 6.1 percent for Tanzania and 6.2 percent for Ethiopia in 2024. These figures solidify the two nations as crucial heavyweights within the East African bloc, likely to attract more foreign investors.
“These countries continue to move at full speed and will experience greater development in the coming years,” notes the IMF report.
Notably, within the East African region, Rwanda and Burundi also feature among the top 12 African countries expected to register fast economic growth. Rwanda is projected to achieve a remarkable seven percent growth in 2024, while Burundi’s economy is forecast to grow by six percent.
Despite its comparatively smaller size, Burundi’s growth places it ahead of many European countries on the ‘fast growth’ list. Both Tanzania and Burundi, alongside Rwanda, are member states of the eight-nation East African Community (EAC).
The IMF’s global growth forecast for 2024 stands at 2.9 percent, significantly lower than the projections for most African countries. The report emphasizes the remarkable trajectory of African countries over the next 25 years and asserts the continent’s increasing importance on the global economic stage.
“Considering that these growth figures extend over the next 25 years, it would not be difficult to predict how important the African continent will be in the near term. In short, we can see very simply that the future is in Africa,” states the report, highlighting Niger as the top-performing African country despite recent political turmoil.
Rwanda, often lauded for its impressive growth by international multilateral organizations, is described in the report as the “pearl of East Africa.” The nation is praised for its economic stability, trustworthy environment, and leading positions in production, exports, digital transformation, and culture.
“It is progressing in a development that will set an example for the whole world,” the report concludes, underscoring the influential role these East African nations play in shaping Africa’s economic landscape.
