In June 2023, Tanzania’s balance of trade saw a shortfall of $4.86 billion, a notable contrast from the $3.398 billion deficit registered in the corresponding period of June 2022. The driving factor behind this discrepancy, as outlined in the Bank of Tanzania’s (BoT) Monthly Economic Review for June 2023, lies primarily in escalated import expenditures....
Tanzania avoided a recession in 2020, but the COVID-19 pandemic has significantly impacted lives and livelihoods across the country. The emergency of the COVID-19 novel coronavirus plunged the global economy into a recession in 2020, and the pace of recovery remains uncertain among advanced and emerging economies. Tanzania has fared relatively well compared to its...