Tanzania has sustained relatively high economic growth over the last decade, averaging 6–7% a year. 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. Middle-income countries are those with $1,026 to $12,475 in per capita GNI. Tanzania last year recorded an economic growth of seven percent, making the country one of the fastest growing economies in Africa. On  July 1, 2020, the World Bank graduated the country from low to lower-middle income status. 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. 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 last year recorded economic growth of seven percent, making the country one of the fastest-growing economies in Africa. Tanzania will now have access to international credit markets after the World Bank declared it a lower middle income country. 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. “Tanzania’s performance on the Human Capital Index is too low to expect large gains in standards of living in the future,” said Quentin Wodon, World Bank Lead Economist and co-author of the 12th Tanzania Economic Update. 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. The economy of Tanzania is a lower-middle income economy that is overwhelmingly dependent on agriculture. PesaCheck has looked into the authenticity of a post claiming that Tanzania is now a middle economy country and finds it to be TRUE. What It Takes to Become A Middle-Class Country. … 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). 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. “Discipline in financial expenditure and the prevailing peace and tranquility also helped the country to earn the middle-income status from the World Bank,” Hassan Abbasi, the chief government spokesperson told a news conference in the capital Dodoma. Tanzania had planned to gain the middle income status in 2025. The WB assigns the world’s economies to four income groups—low, lower-middle, upper-middle, and high-income countries, based on their GNI per capita in current USD. What has caused the change in classification for Tanzania? Dr John … 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. According to the World Bank, Tanzania has made economic reforms, including making consistent plans and taking hard decisions aimed at improving its economic development therefore it has been recognized as a lower-middle-income country. These characteristics pose new challenges which demand the adoption of new driving forces capable to graduate Tanzania from a least developed country to a middle income country with a high level of human development characterized in improvements in the quality of livelihood of the people. 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? In other words, Tanzania just entered the bracket of middle-income countries with a GNI per capita between US$1,006 and US$3,955 per World Bank 2018 classification. Shop now. Connect with friends faster than ever with the new Facebook app. 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. 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. 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. Tanzania last year recorded economic growth of 7 per cent making it one of the fastest growing economies in Africa. The classification tables include all World Bank members, plus all other economies with populations of more than 30,000. 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