Here's a comparison of Tanzania and Kenya's economies in 2024:
Growth:
- Tanzania: Projected to grow by 6.3% according to the African Development Bank (AfDB). This is one of the highest growth rates in Africa and higher than Kenya's projected 5.4% growth for 2024.
- Kenya: Expected to grow by 5.4% according to the African Development Bank. This is still a respectable growth rate, but it falls behind Tanzania in 2024.
Size:
- Tanzania: Has a smaller economy currently, sitting at around $85.4 billion in 2023.
- Kenya: Currently has the larger economy in East Africa, with an estimated GDP of $118.1 billion in 2023. However, long-term projections from the IMF suggest Tanzania could overtake Kenya in terms of size within the next 10 years.
Other factors:
- Tourism: Both countries rely heavily on tourism, which is expected to continue recovering in 2024 and contribute to economic growth.
- Trade: Frictions and competition exist between the two countries in attracting foreign investment and trade. However, they are also members of the East African Community and work towards regional economic integration.
- Inflation: Both countries face inflationary pressures, though Tanzania's is projected to be slightly higher than Kenya's in 2024.
Overall:
- In 2024, Tanzania is expected to have faster economic growth compared to Kenya.
- However, Kenya currently has a larger economy and still holds the top spot in East Africa in terms of size.
- Long-term projections suggest Tanzania could potentially overtake Kenya in terms of size within the next decade.
It's important to note that these are projections and the actual performance of these economies can change due to various internal and external factors.
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