Tanzania Economic Update, No. 6 : The Elephant in the Room - Unlocking the Potential of the Tourism Industry for Tanzanians
The focus of this economic update is the tourism sector, which is clearly central to Tanzania s drive toward economic emergence. Riding on the country s bountiful natural assets, tourism is a fast growing sector that is not only providing jobs but...
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| Format: | Publications & Research |
| Language: | English en_US |
| Published: |
Washington, DC
2015
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| Online Access: | http://documents.worldbank.org/curated/en/2015/01/23886748/tanzania-economic-update-elephant-room-unlocking-potential-tourism-industry-tanzanians http://hdl.handle.net/10986/21564 |
| Summary: | The focus of this economic update is the
tourism sector, which is clearly central to Tanzania s drive
toward economic emergence. Riding on the country s bountiful
natural assets, tourism is a fast growing sector that is not
only providing jobs but is also bringing in much-needed
foreign currency. This sector already benefits from
substantial attention from the country s leadership, notably
in the context of the national business council that
recently prioritized tourism as a high growth industry and a
major source of job creation. Nevertheless, more can be done
to increase benefits so they can be felt more broadly across
society. This update proposes three strategic directions
towards achieving this goal: (i) the diversification of
tourism activities, in multiple dimensions; (ii) further
integration in to the sector of stakeholders such as local
communities and small operators; and (iii) good governance
in the management of fiscal revenues as well as in the use
of natural assets. This update also assesses the current
state of the Tanzanian economy. While recent developments
remain globally positive with high and stable GDP growth and
with the inflation rate currently in check, fiscal risks for
Tanzania have been growing. During the last fiscal year, the
Government missed its revenue targets and was forced to cut
priority expenditures and accumulate arrears with
contractors and pension funds. |
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