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Magufuli: Our Economy Is Set For Breakthrough

Magufuli: Our Economy Is Set For Breakthrough

Tanzanian President John Magufuli expects the nation’s economy to grow at an average rate of 8% over the next five years, partly due to increased government spending.

Expansion could increase from an annual average of 7% over the past five years, Magufuli said in his first address to lawmakers since he was re-elected for a second five-year term last month.

Growth may fall to 4% this year from 7% previously due to the effects of the coronavirus pandemic.

Magufuli plans to boost the economy by ensuring macro stability, increasing public investment as well as improving the private business environment.

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The government will expand irrigation and purchase a freighter to increase shipments of horticulture products and fish.

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