Previously a predominantly self-reliant economy, Tanzania is nearing completion of its transition toward liberalisation. Strong growth above regional and global averages is largely attributable to the booming gold sector, tourism and continued flow of foreign direct investment, coupled with promising advances in governance structures. Unfortunately though, much of this growth was not pro-poor and has been enjoyed by a small minority.
As characteristic of a developing country, agriculture accounts for 85% of exports and employs 80% of the labour force. Major commodities include gold, coffee, cashew nuts and cotton. At the same time, the finance sector has recently expanded and the presence of foreign banks has brought competitive rates, improved efficiency and higher quality of services.