STANDARD BANK BULLISH ON TANZANIA'S ECONOMY

Head of Economic Research at Standard Bank, Mr Jibran Qureishi.

Tanzania’s economy is resilient despite global shocks, the Head of Economic Research at Standard Bank Mr Jibran Qureishi has said.

Mr Qureishi said recently on an economic forum that unpacked the economic landscape, government priorities that drive the economy and the opportunities available for both local and foreign investors which was organised by Stanbic Bank Tanzania.

“It’s exciting to see the reform progress under President Samia Suluhu Hassan. There is more enthusiasm within the economy and we are seeing more inclusive growth and excitement from the investment community about the new refreshing approach from the Tanzania government,” he said.

Tanzania’s economy is expected to grow stronger this year as tourism recovers and global supply chain continues to stabilize.

The government forecast the economy to expand by about 5.2 per cent in 2023 from 4.7 per cent a year earlier driven by the sustained recovery in tourism and gradual stability in supply and value chains.

Mr Qureishi said the bank remains steadfast in its commitment to contribute to the economic prosperity of Tanzania and its people.

Speaking at the forum, Stanbic Tanzania Head of Global Markets, Mr Erick Mushi said such forums in the world serves as crucibles of ideas and catalysts for progress.

“We are excited to bring together stakeholders from different industry backgrounds to share different perspectives, illuminate new pathways, challenge existing norms, and forge collaborations with policy makers that can redefine industries,” Mr Mushi said.

Further, he said the Stanbic Bank drove sustainable growth in Tanzania by facilitated platforms that provide insights to enable clients and the business community to make the right decisions for their businesses.

He said the bank will continue to be supportive to the community, especially entrepreneurs and looking for startups to make growth for individuals as well as nation.

The forum which took place recently aimed to network, exchange ideas and how people or entrepreneurs can make a good choice of the business they intended to do if it is profitable or just to follow others’ ideas.

The forum brought together stakeholders from the Ministry of Finance who spoke on the government priorities for 2023/24, the Tanzania Investment Centre (TIC) who presented on the country’s investment agenda, while Standard Bank Regional experts shared insights on the state of the global economy and its impact on Africa, particularly the East African region and Tanzania.

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