Browsing by Author "Kimweri, Grasford Hosea"

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    Challenges facing the economy of Tanzania due to the global financial crisis
    (University of Dar es Salaam, 2010) Kimweri, Grasford Hosea
    This study examines “the challenges facing the economy of Tanzania due to the global financial crisis”. The focus was on how the impacts of the global financial and economic crisis posse challenges on the growth and sustainability of the economy of Tanzania. Data for this study was collected from the Bank of Tanzania, main office located in Dar es salaam, Tanzania. The data was collected through semi structured interview and documentary review via prepared reports, papers, journals, internet and newspapers. The validation of data was done through documentation, comparisons and observations, as qualitative and quantitative approach was used to analyze the data. The findings of the study revealed that the challenges facing the economy of Tanzania due to the global financial crisis include increased unemployment rates particularly in agro- industries and gemstone mining, decreased demand and prices for traditional export crops, less Foreign Direct Investment (FDI) flow to the country, decreasing income from tourism sector, decreased Official Development Assistance (ODA) to developing countries including Tanzania, reduced government domestic revenue and reduced economic growth and financial stability. Conclusively, the researcher recommends to the government to take the following remedial measures to minimize the impacts of the global and economic crisis. Firstly, to ensure food security. Secondly, ensuring financial stability and third, enhancing domestic revenue collection as well as exerting high degree of financial discipline to reduce government expenditures. Food security assurance will help to keep inflation in checks, while concerning the financial stability, the Ministry of Finance and Economic Affairs in collaboration with the Bank of Tanzania should closely monitor the financial sector in order to safeguard it against adverse impacts that may arise.