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Macroeconomic Policy Development in Tanzania

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posted on 2024-09-05, 21:49 authored by Oswald Joseph Mashindano, Vivian Kazi
Since independence, Tanzania has experienced a series of economic shocks, which have pushed the country into an economic crisis. From mid-1980 onwards, major macroeconomic variables have been fluctuating, forcing the government to intervene through fiscal and monetary policies, with mixed results. The advent of the COVID-19 pandemic in March 2020 further disrupted any macroeconomic performance achieved earlier. In response, the BoT adopted macroeconomic policies aimed at shielding the economy from further deterioration by injecting greater funding into the public sector, for example through the healthcare sector. This was aimed at containing the spread of the pandemic. To a large extent, these macroeconomic measures have protected the country against further deterioration in terms of greater loss of life, economic losses, etc. For example, the country’s ‘business-as-usual’ approach has steered clear of an economic lockdown in favour of urging the population to take precautionary measures. This, coupled with expansionary macroeconomic policy measures, appears to be working, as the country averted a recession in 2020. The BoT should continue implementing accommodative monetary and fiscal policy measures and fasttracking liquidity-easing measures to shield the economy.

Funding

IDRC | CRDI

History

Publisher

SAIIA

Citation

Joseph Mashindano, O. and Kazi, V. (2022) 'Macroeconomic Policy Development in Tanzania, Covid-19 Macroeconomic Policy Responses in Africa 14, South African Institute of International Affairs (SAIIA)

Series

Covid-19 Macroeconomic Policy Responses in Africa 14

Version

  • VoR (Version of Record)

IDS Item Types

Other

Copyright holder

SAIIA

Country

Tanzania

Language

en

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    Covid-19 Responses for Equity (CORE) - Macro-economic Policies for Support and Recovery

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