{"id":24445,"date":"2021-03-04T19:20:39","date_gmt":"2021-03-04T19:20:39","guid":{"rendered":"https:\/\/www.africa-press.net\/tanzania\/?p=24445"},"modified":"2021-03-04T19:20:39","modified_gmt":"2021-03-04T19:20:39","slug":"world-bank-secure-the-poor-to-maintain-middle-income-status","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/tanzania\/community\/world-bank-secure-the-poor-to-maintain-middle-income-status","title":{"rendered":"World Bank: Secure the poor to maintain middle income status\u2019"},"content":{"rendered":"<p><strong>AfricaPress-Tanzania:<\/strong> TANZANIA needs to create more economic opportunities and shield vulnerable groups and the poor from adverse impact of the global economic downturn if the country is to maintain its lower-middle-income (LMIC) status.<\/p>\n<p style=\"font-weight: 400\">Mara Warwick, the World Bank Country Director for Tanzania, Malawi, Zambia and Zimbabwe, says in the 15th Tanzania Economic Update titled \u2018Raising the Bar: Achieving Tanzania\u2019s Development Vision\u2019 which takes Tanzania\u2019s recent achievement of LMIC status as the point of departure.<\/p>\n<p style=\"font-weight: 400\">It looks forward to what it will take to achieve the goals of the Tanzania Development Vision 2025, following two decades of sustained growth, where Tanzania reached an important milestone in July 2020 as it formally graduated to LMIC status.<\/p>\n<p style=\"font-weight: 400\">However, the global COVID-19 pandemic has significantly slowed down economic growth, adversely affecting \u00a0\u00a0livelihoods of Tanzanians, and requiring bold policy actions to ensure that Tanzania\u2019s LMIC status is maintained, she said.<\/p>\n<p style=\"font-weight: 400\">\u00a0\u201cTanzania\u2019s sustained economic expansion in recent years has supported improvements in overall living standards,\u201d the director noted, elaborating that there is an important opportunity for the country to raise its own bar, providing greater opportunities and economic security for the large proportion of the population still living in poverty.<\/p>\n<p style=\"font-weight: 400\">This requirement is intensified by the serious impacts of the global COVID-19 pandemic, as realizing the goals of Vision 2025 will require a concerted effort to restore the economy\u2019s growth momentum while expanding access to economic opportunities.<\/p>\n<p style=\"font-weight: 400\">The economic update notes that while Tanzania avoided a recession in 2020, economic growth decelerated to around 2.0 percent. The poverty rate is estimated to have risen to 27.2 percent, with the report warning that the loss of income could have pushed an additional 600,000 Tanzanians below the national poverty line.<\/p>\n<p style=\"font-weight: 400\">Most of them are members of households that rely on self-employment and informal microenterprises in urban areas, it said.<\/p>\n<p style=\"font-weight: 400\">The report highlights considerable uncertainty of the country\u2019s economic outlook, with gross domestic product growth in 2021 projected in the range of 3.0 to 5.3 percent, \u201cwith realization on the upper side of this range hinging on a strong recovery in global economic activity supported by the world-wide rollout of COVID-19 vaccines, and sound domestic policies to foster a sustainable recovery.\u201d<\/p>\n<p style=\"font-weight: 400\">\u00a0\u201cIncreasing the availability and quality of information on both the domestic spread of COVID-19 and the evolution of macroeconomic indicators would strengthen the government\u2019s ability to plan and implement effective policies to foster economic recovery and support all Tanzanians,\u201d the report underlined.<\/p>\n<p style=\"font-weight: 400\">Attainment of LMIC status offers an opportunity for the country to assess the quality of past growth in delivering broad welfare gains and to develop a roadmap to guide its further transition to a successful middle-income economy with a high level of human capital development, high-quality livelihood opportunities, and broad gains in living standards, as outlined in Vision 2025, it further stated.<\/p>\n<p style=\"font-weight: 400\">The report frames Tanzania\u2019s \u2018next leap\u2019 of development around three strategic pillars: sustaining robust medium-term growth in a challenging external environment, improving the inclusiveness of growth and its impact on poverty reduction, fostering upward economic mobility and strengthening economic security.<\/p>\n<p style=\"font-weight: 400\">These three pillars reflect both the lessons of international experience and Tanzania\u2019s unique circumstances and form the basis for an actionable policy agenda to achieve the goals of Vision 2025, it stated<\/p>\n<p style=\"font-weight: 400\">Bill Battaile, World Bank Lead Economist for Tanzania said that this strategic framing is also timely as the country prepares its next Five-Year Development Plan.\u00a0 Human capital investments enable households at all income levels to access economic opportunities and benefit from growth, he said.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>AfricaPress-Tanzania: TANZANIA needs to create more economic opportunities and shield vulnerable groups and the poor from adverse impact of the global economic downturn if the country is to maintain its lower-middle-income (LMIC) status. Mara Warwick, the World Bank Country Director for Tanzania, Malawi, Zambia and Zimbabwe, says in the 15th Tanzania Economic Update titled \u2018Raising [&hellip;]<\/p>\n","protected":false},"author":84,"featured_media":24435,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,3,8],"tags":[7536,7537],"class_list":["post-24445","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-community","category-homepage-english","tag-lmic","tag-mara-warwick"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.1 (Yoast SEO v27.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>World Bank: Secure the poor to maintain middle income status\u2019 - Tanzania<\/title>\n<meta name=\"description\" content=\"TANZANIA needs to create more economic opportunities and shield vulnerable groups and the poor from adverse impact of the global\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/tanzania\/community\/world-bank-secure-the-poor-to-maintain-middle-income-status\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"World Bank: Secure the poor to maintain middle income status\u2019\" \/>\n<meta property=\"og:description\" content=\"TANZANIA needs to create more economic opportunities and shield vulnerable groups and the poor from adverse impact of the global\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/tanzania\/community\/world-bank-secure-the-poor-to-maintain-middle-income-status\" \/>\n<meta property=\"og:site_name\" content=\"Tanzania\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2021-03-04T19:20:39+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/tanzania\/sites\/17\/2021\/03\/WORLD-BANK-ED.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"660\" \/>\n\t<meta property=\"og:image:height\" content=\"330\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/community\/world-bank-secure-the-poor-to-maintain-middle-income-status#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/community\/world-bank-secure-the-poor-to-maintain-middle-income-status\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"World Bank: Secure the poor to maintain middle income status\u2019\",\"datePublished\":\"2021-03-04T19:20:39+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/community\/world-bank-secure-the-poor-to-maintain-middle-income-status\"},\"wordCount\":589,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/community\/world-bank-secure-the-poor-to-maintain-middle-income-status#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/tanzania\/sites\/17\/2021\/03\/WORLD-BANK-ED.jpg\",\"keywords\":[\"LMIC\",\"Mara Warwick\"],\"articleSection\":[\"all news\",\"community\",\"homepage-english\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/tanzania\/community\/world-bank-secure-the-poor-to-maintain-middle-income-status#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/community\/world-bank-secure-the-poor-to-maintain-middle-income-status\",\"url\":\"https:\/\/www.africa-press.net\/tanzania\/community\/world-bank-secure-the-poor-to-maintain-middle-income-status\",\"name\":\"World Bank: Secure the poor to maintain middle income status\u2019 - 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