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Transforming the Port of Dar Es Salaam to Drive Growth

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Transforming the Port of Dar Es Salaam to Drive Growth Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized T H E W ORLD BANK GR OUP AFRICA REGION P OVERT Y REDUCTION & ECONOMIC MANAGEMEN T May 2013 I S SU E 3 http://ww The World Bank Poverty Reduction and Economic Management Unit Africa Region andEconomicManagementUnitAfricaRegion Reduction BankPoverty The World w .worldbank.org/tanzania/economicupdate How theportofDaresSalaamcantransformTanzania Opening theGates http://www.worldbank.org/tanzania/economicupdate. PAGE a TANZANIA ECONOMIC UPDATE • MAY 2013, 3 RD EDITION PAGE http://www.worldbank.org/tanzania/economicupdate. b The World Bank Poverty Reduction and Economic Management Unit Africa Region Table of Contents FOREWORD .............................................................................................................................. v ACKNOWLEDGEMENT ........................................................................................................... vi KEY MESSAGES ...................................................................................................................... vii PART 1: THE STATE OF THE ECONOMY ................................................................................ 1 1.1 Recent Developments: Renewed growth, declining inflation, concerns regarding debt sustainability ......................................................................................... 3 1.2 Economic Outlook: A need to improve the business environment, human capital and public administration ...............................................................................15 1.3 Open Trade: Achieving economic growth, job creation and sustainable development ...................................................................................................................22 PART 2: TRANSFORMING THE PORT OF DAR ES SALAAM TO DRIVE GROWTH ...........29 2.1 How bad is the Port of Dar es Salaam? ..................................................................31 2.2 Perverse Incentive Structures: Rewarding inefficiency .......................................37 2.3 Resistance to reform: Unequal bargaining power of winners and losers from the status quo ..................................................................................................41 2.4 Appetite for Change .................................................................................................42 2.5 Recommendations: How to implement efficiency enhancing reforms ............43 STATISTICAL ANNEXES ........................................................................................................47 1: Key Macroeconomic Indicators ...............................................................................................48 2: Growth and Structure of the Economy ..................................................................................49 3: Quarterly GDP Growth Rates 2002-2012` ............................................................................50 4: Fiscal Framework as percent of GDP .....................................................................................51 5: Provisional Monthly Government Expenditures 2012/13 ..................................................51 PAGE http://www.worldbank.org/tanzania/economicupdate. i TANZANIA ECONOMIC UPDATE • MAY 2013, 3 RD EDITION 6: Balance of Payments (percent of GDP unless otherwise indicated) ..............................52 7: Monthly Imports of Goods and Services 2012-2013 (in USD million) ...........................53 8: Monthly Exports of Goods and Services 2012-2013 (in USD million) ...........................54 9: Inflation Rates ............................................................................................................................55 10: Monthly Food Crop Prices (wholesale): Tanzania TSh illings per 100 kg ......................55 11: verage Wholesale Prices (2012-2013): Tanzania TSh illings per 100 kg ........................56 12: Inflation Rates (selected items of the CPI) ...........................................................................56 13: Exchange and Interest Rates ..................................................................................................57 14: Monetary Indicators .................................................................................................................58 15: Dar es Salaam Port: Cargo Traffic (000 tons) ....................................................................59 16: Dar es Salaam Port: Container Traffic (000 TEUs) ............................................................59 LIST OF FIGURES Figure 1: Annual GDP growth in Tanzania – a steady-state performance close to 7 percent 4. Figure 2: Quarterly GDP Growth -- Faster and less volatile than Kenya and Uganda ........ 4 Figure 3: Two-third of GDP growth is explained by five sectors of economic activity ........ 7 Figure 4: Fastest Growing Sectors, average 2008-12 ................................................................ 7 Figure 5: Tanzania: Stable domestic demand drives economic growth ................................ 8 Figure 6: Uganda: Volatile domestic demand and external factors explain GDP fluctuations. 8 Figure 7: Drivers of Growth: Domestic Demand and Net Exports in selected East Asian countries ............................................................................................................................ 9 Figure 8: Inflation Trend in Tanzania ........................................................................................... 10 Figure 9: Inflation in Tanzania compared to Kenya and Uganda ........................................... 10 Figure 10: Private sector credit growth: A regional comparison .............................................. 11 Figure 11: Inflation and Private Credit ........................................................................................... 11 Figure 12: Overall Fiscal Deficit back on the rise ........................................................................ 12 Figure 13: Lower Current Account deficit and stable international reserves ........................ 14 Figure 14: A Gradual shift in the Source of Foreign Capital ..................................................... 14 Figure 15: Export Growth, 2011 and 2012 ................................................................................... 15 Figure 16: Import Growth, 2011 and 2012................................................................................... 16 Figure 17: The political cycle of public expenditures in Tanzania ...........................................20 Figure 18 : Tanzania: Increased openness to international trade since 2000 ........................23 PAGE http://www.worldbank.org/tanzania/economicupdate. ii The World Bank Poverty Reduction and Economic Management Unit Africa Region Figure 19: Exports trends, 2002-2012, USD Million ...................................................................24 Figure 20: Imports trends, 2000-2012, USD Million ..................................................................24 Figure 21: Bilateral Trade Costs with China, 2009 .....................................................................26 Figure 22: Tanzania’ three main hinterland corridors ................................................................28 Figure 23: The chain of transactions in the port ........................................................................33 LIST OF TABLES Table 1: Tanzanians pay more for food than in many other developing countries ........ 11 Table 2 : Revenue trends (December actual vs. December target .....................................12 Table 3 : Macro-economic projections (% of GDP, otherwise indicated) ..........................16 Table 4: World ranking in four policy areas.............................................................................18 Table 5: Total additional costs due to the inefficiency of the port compared to Mombasa, (USD per ton or indicated), May-June 2012 .......................................34 Table 6: Comparison of port efficiency for containers between Dar es Salaam and Mombasa, May-June 2012. ........................................................................................36 Table 7 : The global cost associated to the port inefficiency in 2012, USD million .........38 PAGE http://www.worldbank.org/tanzania/economicupdate. iii Abbreviations and Acronyms AfDB African Development Bank BoT Bank of Tanzania CPI Consumer Price Index EAC East African Community EU European Union EUR Euro FDI Foreign Direct Investment GAPCO Gulf Africa Petroleum Corporation GDP Gross Domestic Product ICD Inland Container Depot IGC International Growth Center IMF International Monetary Fund MOF Ministry of Finance MPH Movements per hour NBS National Bureau of Statistics OECD Organization for Economic Co-operation and Development PCS Port Community System PSPF Public Service Pension Fund SDR Special Drawing Rights SUMATRA Surface and Marine Transport Regulatory Authority TANESCO Tanzania Electrical Supply Company TPA Tanzania Ports Authority TRA Tanzania Revenue Authority TICTS Tanzania International Container Terminal Services TSh Tanzanian Shilling UK United Kingdom USAID United States Agency for International Development USD United States Dollars PAGE http://www.worldbank.org/tanzania/economicupdate. iv The World Bank Poverty Reduction and Economic Management Unit Africa Region Foreword When we launched the Tanzania Economic Tanzania has gradually opened its economy Update
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