Tanzania has earned a new status as a middle income country if the latest classification of nations’ economies by the World Bank is anything to go by.World Bank analysts say Tanzania becomes the newest member of this exclusive club of very promising economies thanks to a Gross National Income (GNI) of between $1,006 and $3,955.
Used to track a nation’s collective wealth on a yearly basis, GNI is usually an estimation of the money earned by individuals and business concerns in a country.
Tanzania last year recorded one of the fastest economic growths in the world after its economy improved by 6.8 percent, a few percentage points drop from 2018’s 7 percent.
This growth trend dates back to 2010, according to the World Bank.
Tanzania is the second largest economy in East Africa after Kenya.
President John Magufuli is widely praised especially in Africa for his government effective fiscal discipline, a factor which seems to rein in corruption and wastage of public funds.
Other middle-income countries in Africa are Angola, Botswana, South Africa, Gabon Mauritius and Equatorial Guinea.