Tanzania Economic Update, February 2021 : Raising the Bar - Achieving Tanzania’s Development Vision
The emergency of the COVID-19 novel coronavirus plunged the global economy into a recession in 2020, and the pace of recovery remains uncertain both among advanced and emerging economies. Pandemic-related health restrictions and the adoption of pr...
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| Language: | English |
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World Bank, Washington, DC
2021
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| Online Access: | http://documents.worldbank.org/curated/en/803171614697018449/Tanzania-Economic-Update-Raising-the-Bar-Achieving-Tanzania-s-Development-Vision http://hdl.handle.net/10986/35204 |
| Summary: | The emergency of the COVID-19 novel
coronavirus plunged the global economy into a recession in
2020, and the pace of recovery remains uncertain both among
advanced and emerging economies. Pandemic-related health
restrictions and the adoption of precautionary behaviors by
firms and consumers have greatly slowed economic activity,
while uncertainty regarding the post-pandemic economic
landscape and key policy decisions have discouraged
investment. Agricultural and manufacturing firms face
serious questions regarding the viability of global value
chains, and the unforeseeable course of the pandemic weighs
on international trade and tourism (World Bank 2021).
Meanwhile, the disease itself continues to exact an enormous
and mounting toll on human lives, and the disruption of
education systems has slowed human capital accumulation,
which could negatively impact the productivity of an entire
generation. The global economy contracted by an estimated
4.3 percent in 2020, and while a 3.8 percent rebound is
projected for 2021, worldwide economic output is expected to
remain well below prepandemic trends over the near term. |
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