12 °c
London
Sunday, May 22, 2022
No Result
View All Result
FurtherAfrica
  • Countries
    • Angola
    • Botswana
    • Cape Verde
    • DRC
    • Eswatini
    • Ethiopia
    • Kenya
    • Malawi
    • Mauritius
    • Mozambique
    • Namibia
    • Nigeria
    • Rwanda
    • South Africa
    • Tanzania
    • Uganda
    • Zambia
    • Zimbabwe
  • Interviews
  • Understanding
  • Videos
  • Travel
  • Weekend
  • About
FurtherAfrica
  • Countries
    • Angola
    • Botswana
    • Cape Verde
    • DRC
    • Eswatini
    • Ethiopia
    • Kenya
    • Malawi
    • Mauritius
    • Mozambique
    • Namibia
    • Nigeria
    • Rwanda
    • South Africa
    • Tanzania
    • Uganda
    • Zambia
    • Zimbabwe
  • Interviews
  • Understanding
  • Videos
  • Travel
  • Weekend
  • About
No Result
View All Result
FurtherAfrica
No Result
View All Result
Home Tourism

Tanzania has opportunity for economic growth by transforming its Tourism sector

FurtherAfrica by FurtherAfrica
August 2, 2021
in Africa, DFI, Economy, FA, Report, Tanzania, Tourism, Travel
Reading Time: 2 mins read
795 25
0
Share via QRWhatsappShare on FacebookShare on TwitterLinkedInPinteresteMail

As Tanzania’s tourism sector recovers from the harsh effects of the COVID-19 (coronavirus) pandemic on businesses and employment, the latest World Bank economic analysis says the country also has a unique opportunity to revamp the tourism industry to drive inclusive growth over the long term, and promote climate adaptation and mitigation.

The 16th Tanzania Economic Update, Transforming Tourism: Toward a Sustainable, Resilient, and Inclusive Sector notes that the near-cessation of tourism activities globally due to the pandemic deeply affected Tanzania’s tourism sector. Economic activity in the sector contracted sharply in 2020, resulting in job losses and business shutdowns which has had negative knock-on effects for inter-related sectors. While partial recovery is underway, business revenues and derived taxes for government still remain below pre-pandemic levels.

“The latest news point to the fact that we are not out of the wood yet, as the third wave of COVID-19 with a more deadly variant seems to be spreading,” said Albert Zeufack, World Bank Africa Chief Economist. “The countries that have weathered the storm more successfully so far have moved quickly and decisively to protect their people, strengthen their health systems, safeguard human capital gains, increase intra-reginal trade, and embrace digitalization, therefore laying down the basis for much needed economic transformation.”

Amid the ongoing crisis, the report says Tanzania’s GDP growth decelerated to an estimated 2.0 percent in 2020. Surveys of businesses and households, conducted by the World Bank in collaboration with the National Bureau of Statistics between June 2020 and March 2021, revealed that business slowed across a wide range of sectors and sizes of firms, especially export-oriented sectors such as tourism and manufacturing, and job creation has deteriorated. Overall business performance and expectations indicators have partially rebounded but remain subdued, emphasizing the gravity of the shock and sluggish recovery. The slowdown in GDP growth and the deterioration of business sales and financial security is estimated to have increased the number of poor Tanzanians by 600,000 in 2020. Zanzibar’s economy was even more severely impacted with GDP growth slowing to an estimated 1.3 percent, driven by a collapse of the tourism industry.

Also read: What is the fate of mobile money in Tanzania?

“This Economic Update spotlights the pandemic’s impact on the Tanzanian economy through the sharp decline in tourism in 2020 and sluggish recovery in 2021. It is a call to action to help the sector recover, ‘build forward better’ and support private sector development more broadly. This is a critical agenda to protect the welfare of poor and vulnerable households, attract new foreign and domestic investment, and support an employment-intensive recovery,” said Bill Battaile, World Bank Lead Economist for Tanzania.

The economic update proposes priorities for sustainable recovery for Tanzania’s tourism sector, including creating an efficient, reliable and transparent business environment, improving tourism information management system, ensuring affordable financial support to struggling businesses across the value chain, strengthen adherence to health and safety protocols and data transparency, and supporting nature-based landscape and seascape management through development of co-investment and partnership arrangements.

Related

Source: World Bank
Tags: 16th Tanzania Economic UpdateEconomic GrowthEconomyFeatureInclusioninclusive growthTanzaniaTanzania has opportunity to ignite inclusive economic growth by transforming its Tourism sectorTourismWorld Bankтанзанияتنزانياタンザニア坦桑尼亚
ScanSendShare328Tweet205Share57Pin74Send
FurtherAfrica

FurtherAfrica

Founded in 2015 FurtherAfrica is an online platform centralising news and content focusing on the development and growth story of the African continent.

Related Posts

Guidelines for PanAfrican payments and settlement system in Nigeria
Economy

Africa’s 5 Wealthiest Nations in 2022

by The Exchange
May 22, 2022
Travel

5 exceptionally romantic hotels in Africa

by See Africa Today
May 21, 2022
Stock Exchange and its benefits to Ethiopia
Culture

Ethiopia wonderful hidden secrets

by FurtherAfrica
May 21, 2022
Business

Rihanna’s Fenty Beauty seeks expansion in the African Market

by The Exchange
May 21, 2022
Travel

Spain, Morocco reopen land borders

by FurtherAfrica
May 20, 2022
Great Limpopo Transfrontier Park
 
AFSIC 2022
 
MozParks

Translate this page

Read the Latest

Guidelines for PanAfrican payments and settlement system in Nigeria
Economy

Africa’s 5 Wealthiest Nations in 2022

by The Exchange
May 22, 2022
0

African countries' wealth measured using gross domestic product (GDP). Nigeria is mostly reliant on petrol but it is also a...

Read more

5 exceptionally romantic hotels in Africa

May 21, 2022
Stock Exchange and its benefits to Ethiopia

Ethiopia wonderful hidden secrets

May 21, 2022

Rihanna’s Fenty Beauty seeks expansion in the African Market

May 21, 2022

Spain, Morocco reopen land borders

May 20, 2022

FurtherAfrica Partners

The Exchange Club of Mozambique Taarifa Rwanda
TechGist Africa Africa Oil & Power Farmers Review Africa
Tanzania Invest Zambia Invest See Africa Today
Africa Global Funds Novafrica CrudeMix Africa
Harambee Africa Botswana unplugged Financial Insights Zambia
Digilogic Africa

Subscribe to FurtherAfrica

Enter your email address to receive new articles on your email.

Join 73,051 other subscribers.

FurtherAfrica

© 2021 FurtherMarkets

FurtherAfrica is a FurtherMarkets Limited platform

  • Countries
  • Interviews
  • Understanding
  • Videos
  • Travel
  • Weekend
  • About

Follow Us

No Result
View All Result
  • Countries
    • Angola
    • Botswana
    • Cape Verde
    • DRC
    • Eswatini
    • Ethiopia
    • Kenya
    • Malawi
    • Mauritius
    • Mozambique
    • Namibia
    • Nigeria
    • Rwanda
    • South Africa
    • Tanzania
    • Uganda
    • Zambia
    • Zimbabwe
  • Interviews
  • Understanding
  • Videos
  • Travel
  • Weekend
  • About

© 2021 FurtherMarkets

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?