By Cedric Nkungula
Finance and Economic Planning Minister Simplex Chithyola Banda has painted a rosy picture of Malawi’s economy in the preceding year 2023.
Chithyola Banda has also expressed optimism that in the year 2024, the country’s economy is expected to grow by 3.2 percent.
This is good news to all Malawians that despite the fact that the global economy is currently stumbling with a lot of economic shocks including the Covid – 19 effects, Russia – Ukraine war, adverse weather shocks and rising costs of living, the President Dr. Lazarus McCarthy Chakwera’s led administration is applying every economic trick in the book to bring the economy back on its feet.
As power changed hands in the year 2020, President Chakwera inherited a government that was in deep financial tatters but now it’s a different story, three years down the line, he has managed to bring back hope to the people of Malawi.
Speaking at a pre – budget meeting in Lilongwe, Chithyola Banda said the country’s economy performed better in 2023 with an estimated GDP growth of 1.5 percent as compared to a growth of 0.9 percent last year.
Moving forward, said the finance minister, we expect a gradual economic recovery with a growth of 3.2 percent in 2024 on account of the improvements in the availability of foreign exchange and investments made in the agriculture sector.
“It is also wealth noting that Malawi Government is focusing on diversifying economic activities that are aimed at recovering, developing and protecting our economy through the RDP strategy,” he explained.
On inflation, Chithyola Banda said government anticipate the development to slowly decline in 2024 with the end period and annual average inflation rates projected at 17.4 percent and 27.1 percent respectively.
“I want to assure you that we will do our best to fully recover from the shocks the country experienced in 2022 and 2023,” he emphasized.
