According to a letter that Tanzania’s Finance Minister Mwigulu Nchemba sent to the International Monetary Fund, despite projections that the country’s economy would expand at a quicker rate this year compared to the previous year, the performance might be hampered by the consequences of the conflict in Ukraine.
In the letter that was dated April 4 and made public on Friday, Nchemba said that it was anticipated that the economy would grow by around 5.2% in 2023, which was an increase from 4.7% the previous year.
“We expect the economy to continue facing headwinds from spillovers of the war in Ukraine in the near term,” he added. “We expect these headwinds to continue to be caused by the conflict in Ukraine.”
Tourism, mining, and agriculture are just a few of the major contributors to Tanzania’s economy.
