By Sarah Mazirwe – Kampala, Uganda, Thursday, July 2, 2020
The President of Tanzania, Dr. John Pombe Magufuli has expressed delight at a World Bank declaration, placing the East African country among middle income countries.
The World Bank on Wednesday July 1, 2020 declared Tazania, a middle income country, Magufuli confirmed on Twitter and called it a “Historic Achievement.”
Tanzania had envisaged to achieve the middle income status by 2025, but, with strong determination, it has been achieved in 2020, the President’s statement adds.
The statement also congratulated Tanzanians. “Today, the World Bank has declared Tanzania Middle Income Country. In this regard, I congratulate all my compatriots for this historic achievement,” Magufuli said in a tweet, late Wednesday.
The world’s Middle Income Countries (MICs) are a diverse group by size, population, and income level. They are furthered classified as lower and upper middle-income economies.
Lower middle-income economies are those with a GNI per capita between $1,006 and $3,955; and upper middle-income economies – those with a GNI per capita between $3,956 and $12,235.
Tanzania has achieved economic growth over the last decade, averaging 6–7% a year. While the poverty rate in the country has declined, The country’s overall population is about 55 million (2016).