Economic stimulus plan in the face of Covid-19 epidemic crucial indeed

-kinds of economic stimulus plans as response – they designed something to mitigate the impact of economic slowdown from depression and the impending recession.

The major strategy country was to affirm the economic policy that businesses are the engines for growth and therefore must allocate some resources and time towards specific initiatives and projects that have a wider positive impact on the country and on society.

The local solutions to the solving of the economic problems are vital because they bring the problems to actuality based on experiences and demand driven outlooks.

The problem demands basic principles to be established to act as benchmarks for the stimuli programme compliance.

Following eruption of the Corona virus disease (Covid-19) in China that has been spreading like bush fire around the world a warning has already been given – that economic fallout from epidemic could "be worse" than the financial crisis of 2008, and economists in the west have begun urging for having in place a programme for a stimulus at an economy-wide scale to avoid the real chance of a depression.

Since developing countries such as Tanzania that is still dependent of the west for a good chunk of its investment projects, industrial machinery and raw materials we suggest such programme should require less use of foreign exchange, should be private managed and owned projects; and people centred leading to mass job creation.

The plans must promote value addition and wealth creation and improves the well being of Tanzanians.

The plans must also take into account the reduction of PAYE tax in order to motivate workers in the revival crusade and increase their disposal income to stimulate domestic consumption.

The strategy should base on local finance to be sourced internally by making the exercise self financing through policy and structural changes that would expand the prime property ownership base.

The construction industry for instance has the propensity to catapult the economy and therefore should be prioritized since the sector involves employment of a lot of people and uses local resources and materials by 90 percent while the products have multiplier effects that create other economic engagements like hospitality industry, business space and education.

In fact a critical review of our activities is necessary in all economic sectors and we believe that with increased access to credit we hope the economy shall react naturally to the growth of activities and rebound.