The United Republic of Tanzania is located in the African Great Lakes region in East Africa. Tanzania is one of the fastest-growing economies in East Africa and became the second-largest economy in East Africa by 2020. Following two decades of sustained growth, Tanzania also reached an important milestone in July 2020, when it formally graduated from low-income country to lower-middle-income country status. Tanzania’s achievement reflects sustained macroeconomic stability that has supported growth, in addition to the country’s rich natural endowments and strategic geographic position. In the World Bank Doing Business Report of 2020, Tanzania ranked fourth among the East African Community for ease of doing business.