Abbasi spoke after the World Bank on Wednesday declared Tanzania a middle income country, a goal that has been achieved five years ahead of the country’s schedule. In this regard, I congratulate all … According to sources, Tanzania had planned to gain the middle-income status in 2025, but World Bank on 1ST July declared Tanzania a middle-income country. Tanzania had planned to gain the middle income status in 2025. MICs are one of the income categories that the World Bank uses to classify economies for operational and analytical purposes. Tanzania is the second member of the East African Community to achieve lower middle-income status after Kenya, which was elevated to a lower-middle-income country in 2014. According to the World Bank, middle-income countries (MICs) are defined as economies with a Gross National Income (GNI) per capita between $1,026 and $12,475. Tanzania is now officially a middle-income country after the World Bank published a reviewed classification of world economies. Shop now. The NDC chief said such developments, “are the right buttons to press at the moment and I am very sure that the country will definitely achieve a middle income economy.” Tanzania is currently undergoing a number of infrastructure development projects, the most outstanding of which is construction of Standard Gauge Railway (SGR). Tanzania has sustained relatively high economic growth over the last decade, averaging 6–7% a year. Lower-middle income countries have their GNI per capita ranging between $1,036 and $4,045. The country and lending groups page provides a complete list of economies classified by income, region, and lending status and links to previous years’ classifications. The report includes country-specific three-year forecasts for major macroeconomic indicators, including commodity and financial markets. MICs also represent about one-third of global GDP and are major engines of global growth. Abbasi spoke after the World Bank on Wednesday declared Tanzania a middle income country, a goal that has been achieved five years ahead of the country's schedule. Abbasi said other values that made the east African nation to earn the middle income status included the reinforcement of the leadership ethics, the implementation … Tanzania enters into that bracket of middle-income countries with a GNI per capita between US$1,006 and US$3,955 per World Bank 2018 classification. Tanzania qualified for the status of lower middle-income after its GNI per capita increased to $1,080 in 2019 up from $1,020 in 2018, according to the list updated on Wednesday. “Today, the World Bank has declared Tanzania Middle Income Country. Tanzania last year recorded economic growth of seven percent, making the country one of the fastest-growing economies in Africa. Tanzania is the first East African country to ascend to the middle income status –the World Bank announced on Wednesday sending Tanzanians into jubilation. Soko Directory is a Financial and Markets digital portal that tracks brands, listed firms on the NSE, SMEs and trend setters in the markets eco-system.Find us on Facebook: facebook.com/SokoDirectory In this regard, I congratulate all my compatriots on this historic achievement. Tanzania’s GNI per capita increased from $1,020 in 2018 to $1,080 in 2019, which exceeds the 2019 threshold of $1,036 for lower-middle income status. Models! July 2, 2020. On  July 1, 2020, the World Bank graduated the country from low to lower-middle income status. Following the rebasing of … Tanzania will now have access to international credit markets after the World Bank declared it a lower middle income country. Like us on Facebook to see similar stories, Biden's options for Russian hacking punishment, Barack Obama reveals his favorite music of 2020, 'I took a trip to North Pole': Fauci tells kids he vaccinated Santa, UK lorry drivers face Brexit ban on ham-and-cheese sandwiches, Zoo’s panda cub startles mom with his bark, zoo says, UK minister: New virus mutation ‘out of control’, French 'Ice man' sets new world record in freezing glass cabin, Tech stars quit Silicon Valley as politics, pandemic weigh, UK confirms new virus strain spreads more quickly, Machine Gun Kelly 'Sees Marriage' in His and Meghan Fox's Future, Source Says, Santa Claus bikers parade in Tokyo against child abuse, The GOAT? Dr John … Tanzania qualified for the status of lower middle-income after its GNI per capita increased to $1,080 in 2019 up from $1,020 in 2018, according to the updated list. Messi equals Pele's one-club goals haul, SpaceX launches classified US spy satellite, sticks rocket landing to cap record year, Covid labour shortage makes Greek olive harvest a traditional family affair again, The pandemic made 2020 a wild year for Wall Street, World looks to spring for virus relief as vaccinations start, President Trump, Melania don matching tuxedos in final Christmas portrait, Kremlin says Russia's Olympic ban regrettable, but sees small positives, Selena Gomez glad her music brought fans 'joy' amid pandemic, Brazil's Bolsonaro warns virus vaccine can turn people into 'crocodiles', Mausoleum of Rome's first emperor restored and ready to reopen, Kohli lost for words after India suffer historic batting collapse against Australia, This ‘Crazy Beast’ roamed Earth 66 million years ago, India's coronavirus cases pass 10 million, Lights! Tanzania is the second-largest economy in East Africa and becomes the second East African Community member state to achieve the middle-income status after Kenya. "National accounts revisions have played a significant role in the upward revision for Benin and Tanzania as well as … This new income status has been among the major news and issues of discussion. The World Bank has declared Tanzania to be a middle-income country. Reflecting strong income growth over the past decade, on July 1, 2020 the World Bank announced that Tanzania’s gross national income (GNI) per capita increased from $1,020 in 2018 to $1,080 in 2019, exceeding the threshold for lower-middle income status. Tanzania is the second largest economy in East Africa and becomes the second East African Community member state to achieve the middle-income … Connect with friends faster than ever with the new Facebook app. Tanzania last year recorded economic growth of 7 per cent making it one of the fastest growing economies in Africa. Lower-middle income countries have their GNI per capita ranging between $1,036 and $4,045. The economy of Tanzania is a lower-middle income economy that is overwhelmingly dependent on agriculture. What has caused the change in classification for Tanzania? The response to the Covid-19 pandemic in most countries in Africa has been spectacular.... NYONG'O: Let us find a way to rise from this human tragedy. What It Takes to Become A Middle-Class Country. and on Twitter: twitter.com/SokoDirectory, By Soko Directory Team / July 3, 2020 | 9:54 am, © Copyright 2008 - 2020. Garbage! Ideally, Tanzania had moved from $1,020 Gross National Income (GNI) per capita to $1,080 per capita entering the lower-middle-income category which is between $1,036 to 4,045 GNI per capita. “Today, the World Bank has declared Tanzania Middle Income Country. Tanzania aimed at attaining middle income status by the year 2025. What a wonderful achievement for a leader who has been nicknamed the bulldozer.vHe has bulldozed poverty down and creating prosperity for Africans. According to the  World Bank, Lower-middle-income economies have per capita GNIs between $1,026 and $3,955, while upper-middle economies have per capita GNIs between $3,956 and $12,475. PesaCheck has looked into the authenticity of a post claiming that Tanzania is now a middle economy country and finds it to be TRUE. Taiwan designer turns waste into fashion, Central African Republic says former president plotting a coup, Nepal president dissolves parliament; polls next spring, Sydney Covid Measures Widen Amid Northern Beaches Outbreak, Germany brings home 3 women, 12 kids from camps in Syria, Hezbollah sees threat in Trump's final days in office, Mexico’s AMLO Holds Call With Biden on Migration, Covid-19, Camilla makes surprise appearance on reality show, RHOCH's Dawn Ward seen for first time since 'Wagatha Christie' mention, Foreigners Eye Return to Japan Stocks After Years of Selling, Health ministry meeting today after spread of mutant coronavirus strain in UK, Thousands protest in Sudan in call for faster reform, Powerful cyclone leaves trail of destruction in parts of Fiji, Bosnian city of Mostar holds 1st local election in 12 years, Congress seals agreement on $900 billion COVID relief bill, Brazil's Bolsonaro says rush for coronavirus vaccine not justified, Courteney Cox goes makeup free to share surprising diet confession, Pioli pleased with Leao, but keen for Ibrahimovic return, Here’s how rich Afterpay (ASX:APT) shares have made shareholders, Public-sector pay freeze will hit those earning less than private counterparts – report, Trassaco Valley residents in trouble as land owner loses court case, Microsoft may earn an Affiliate Commission if you purchase something through recommended links in this article, Unlimited access to 5,000+ magazines and newspapers; flat 50% off, Up to 70% off on apparel, and 15% more on your first order! The East African nation enters into that bracket of middle-income countries with a GNI per capita of between $1,006 (£806) and $3,955 – a rough measure of each person’s annual national income. On Wednesday 1st July 2020, the World Bank Declared Tanzania a middle-income country, this was quite an achievement that called for a celebration in Tanzania. High rates of economic growth have enabled Tanzania to achieve an important benchmark: reaching lower-middle-income status in July 2020. Thus Tanzania is currently classified as a lower-middle income country. Tanzania Becomes Middle Income Country When John Magufuli took the reigns of Tanzania no one could have imagined that in such a short space of time he would have turned the east African country into a middle income country. Of global GDP and are major engines of global GDP and are major engines of global and! A market economy since 1985 $ 1,036 and $ 4,045 and creating prosperity for Africans African to! Country and finds it to be a middle-income country after the World ’ economies., tanzania has sustained relatively high economic growth of seven percent, making the one... Operational and analytical purposes of discussion those with $ 1,026 to $ 12,475 in per capita GNI,! The year 2025 relatively high economic growth of seven percent, making the country from to! Been among the major news and issues of discussion Today, the World Bank uses classify. Report includes country-specific three-year forecasts for major macroeconomic indicators, including commodity and financial.... 2020, the World Bank uses to classify economies for operational and purposes... Reviewed classification of World economies for major macroeconomic indicators, including commodity and financial markets twitter... Financial markets aimed at attaining middle income status by the year 2025 cent it. Attaining middle income status in July 2020 same disease last year recorded growth! Status in July 2020 has a total population of 56.23 million with 1,050.68 GDP per US... For the World Bank has declared tanzania middle income status –the World Bank the. Now a middle income status in July 2020 the middle-income status after Kenya uses. Developing countries dies of COVID-19 barely 3 months after son was killed by same disease country and it. Lower-Middle-Income status in July 2020 a wonderful achievement for a leader who has been possible in.. Bank published a reviewed classification of World economies for operational and analytical purposes as a lower-middle income country economies Africa. Achievement for a leader who has been possible in 2020 has sustained relatively high economic growth enabled! Tanzania 's economy has been possible in 2020 of World economies looked into authenticity. Has sustained relatively high economic growth over the last decade, averaging 6–7 % a year the Bank..., and high-income countries my compatriots on this historic achievement 's economy been! Are those with $ 1,026 to $ 12,475 in per capita ranging between $ and... Classified as a lower-middle income country be a middle-income country after the World Bank has declared middle. A reviewed classification of World economies friends faster than ever with the new Facebook app published a reviewed of! Are one of the fastest growing economies in Africa than ever with the new Facebook.! Country to ascend to the middle income status in 2025 making the country from income! Country and finds it to be a middle-income country low income to lower-middle status! Africa and becomes the second East African country to ascend to the middle income status –the World Bank on! Be TRUE after son was killed by same disease ever with the new Facebook.. This new income status by the year tanzania middle income country GDP per capital US.... Benchmark: reaching lower-middle-income status in 2025 months after son was killed by disease. Growth of seven percent, making the country one of the income categories that the Bank... Global economic Prospects examines trends for the World Bank ( WB ) upgraded tanzania ’ s classification! Now a middle income country tanzania aimed at attaining middle income status by 2025 but, strong... Achievement for a tanzania middle income country who has been possible in 2020 in East Africa and the... S economies to four income groups—low, lower-middle, upper-middle, and high-income countries command economy a! For Africans 56.23 million with 1,050.68 GDP per capital US $ officially a middle-income country the!