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Tanzania, Economy

The economy of Tanzania is primarily agricultural. Some 84 percent of the economically active population is engaged in farming, forestry, or fishing, and agricultural products account for a significant share of annual exports. The country is the world’s largest producer of sisal and cloves. With per capita income an estimated $270 a year, Tanzania is one of the poorest countries in the world. Government programs once called for a form of socialism, and most banks were nationalized in 1967. An economic recovery program announced in the mid-1980s generated increases in agricultural production and financial support from donor nations, and the government has adopted financial restraints recommended by the International Monetary Fund. The estimated national budget in 1996 included $733 million in revenues and $768 million in expenditures.

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