At the end of the visit, the head of the mission Mr. Enrique Gelbard issued a statement with a number of highlights and the reforms needed. Other GDP-related dashboards:Historical GDP by countryHistorical GDP per … Such expenditures will need to be carefully designed and prioritized in order to reap potential benefits in terms of better social conditions and high rates of economic growth. In addition, spending on health and education will need to be scaled up in the coming years while ensuring the quality of education and medical services and addressing key infrastructure gaps. An International Monetary Fund (IMF) team visited Tanzania from 20th February to 4th March 2020 to asses the state of the national economy. The mission team commended the authorities for their intention to improve governance in tax administration and emphasized the urgency to adhere to efficient means of tax collection and control, notably through the use of risk-based audits. 2020/02/24. The IMF predicted China's growth to bounce back next year with 9.2 percent, a rarity for a decade. We'll assume you're ok with this, but you can opt-out if you wish. The IMF Executive Board is expected to discuss the 2020 Article IV Consultation report by May 2020. IMF cuts global GDP forecast for 2020 to 3.3 per cent from 3.4 per cent, with ‘lion’s share’ of the downward revision due to weaker growth in India Topic | China economy John Carter To sustain these gains, increase private investment, and create jobs, there is a pressing need to proceed with targeted economic reforms. World Economic Outlook Update, June 2020: A Crisis Like No Other, An Uncertain Recovery June 24, 2020 Description: Global growth is projected at –4.9 percent in 2020, 1.9 percentage points below the April 2020 World Economic Outlook (WEO) forecast. The economic prospects also depend on enhancing the attractiveness for investing and producing in Tanzania and increasing the skills of the labor force. This website uses cookies to improve your experience. In the table below, countries are ranked by the gross domestic product measured in purchasing power parities (PPP) at current prices. This sharply contrasts with China’s growth performance during the Global Financial Crisis, which was little changed at 9.4 percent in 2009 thanks to the important fiscal stimulus of about 8 percent of GDP. The last time the Asian country posted a similar growth rate was in 2009. On the latter, following up on the regular dialogue with the private sector and investing in education and expanding training and vocational programs will be critical, together with a more flexible and expeditious system of visa/work permits for specialized foreign workers. How To Trade In Currencies With $1, By AGEA International, Decline of GBP Has Stopped, by AGEA International, Interview with Stanbic Bank CE on the New Brand Tagline and Promise. This page presents GDP forecast figures by country for the period from 2020 to 2024 as estimated by the IMF in its latest edition of World Economic Outlook (WEO) as of October 2019. To lower the costs of borrowing and improve access to credit, broadening the pool of acceptable collateral, improving the framework for credit information, and tackling judicial bottlenecks for the recovery of unpaid loans will be particularly important. Although a comprehensive review of tax exemptions and their further rationalization (particularly of income tax incentives) is also needed, there is a significant and immediate revenue potential from the expansion in the number of taxpayers together with improvements in tax administration and compliance in line with established protocols and regulations. The rebound in 2021 depends critically on the pandemic fading in the second half of 2020, allowing containment efforts to be gradually scaled back and restoring consumer and investor confidence, according to the IMF. The International Monetary Fund (IMF) released a forecast on Wednesday that predicts global GDP will shrink 4.9% this year as the COVID-19 pandemic continues to spread. Tax reforms are needed to improve the business climate and increase government revenues. This will ensure better compliance and timely payment of tax refunds and improve companies’ cash flows. Global growth is projected at –4.9 percent in 2020, 1.9 percentage points below the April 2020 World Economic Outlook (WEO) forecast. IMF: Tanzania GDP Growth Estimated at 6% in 2020, Tax Reforms Needed TOPICS: GDP IMF.

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