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Trading Across Borders: Implications & Policy Recommendations in Tanzania 2022 report

Tanzania achieved a lower-middle-income economy status in July 2020, reflecting two decades of sustained macroeconomic growth. The country's rich natural endowments and strategic geographic position fostered a diverse economy resilient to external shocks. Tanzania's economy fared better than many regional peers during the COVID-19 pandemic but still suffered significant losses due to a decline in tourism and related services. Through the promotion of the internal investment climate, the government of Tanzania welcomes foreign direct investment. However, over the past several years there was a marked deterioration in the business environment and investment climate. Tanzania ranked 141 out of 190 countries on the 2020 (WB, 2020), the lowest among its regional peers. According to the report, the biggest challenges lie in tax administration, opening and closing businesses, and trading across borders.

 

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