World Bank contradicts Tanzania's economic growth estimates
Dar es Salaam. The World Bank today said Tanzania’s economy grew by 5.2 per cent in 2018, contradicting the 7 per cent growth figure announced by the government of Tanzania in June 2019.
The Bretton Wood institution also forecast 2019 growth at 5.4 per cent against the government’s projection of a 7.1 per cent growth rate.
But the National Bureau of Statistics (NBS) Director General, Dr Albina Chuwa, disputed the World Bank figures, questioning the reliability of its data.
She said the agency stood by the government figures as had been announced by Finance Minister Dr Philip Mpango.
The World Bank figures were contained in ‘Tanzania Economic Update’ report released today, July 18, 2019 in Dar es Salaam. It was presented by Mr Bill Battaile, the bank’s lead economist –macroeconomic and fiscal management global practices East Africa and Debt Group.
It was a second major report this year from a multilateral financial institution contradicting government economic growth figures.
The International Monetary Fund (IMF) in April lowered its forecast for Tanzania’s economic growth this year and in 2020 to around 4 per cent, a figure also vehemently disputed by the government which reportedly blocked the publications of the report.
The IMF report which was leaked showed that Tanzania’s economy will expand slightly to 4.2 percent in 2020.
Today July 18th during the launch of the latest World Bank report, Mr Battaile said their calculation is based on data by the Bank of Tanzania (BoT) and Tanzania Revenue Authority (TRA).
“We are ready to have a meeting with NBS, BoT and TRA to go through item by item in this report to clear any confusion, if any,” Mr Battaile said in response to the challenge from the NBS boss, Dr Chuwa.