By Cedric Nkungula
Finance and Economic Planning Minister Simplex Chithyola Banda says the President Chakwera led government is focusing on expanding economic activities in order to help recover, develop and protect the economy.
Speaking at a pre – budget meeting in Lilongwe on Wednesday 10th January 2024, Chithyola Banda explained that to develop Malawi’s economy that is currently reeling from the effects of Covid 19, Russia – Ukraine war, adverse weather shocks and rising costs of living, government has embarked fully on supporting the private sector to venture into mega farms through the Malawi Agricultural, Industrial Investment Cooperation to produce for both local and export markets.
The minister added that government is also focused to diversify the economy through carbon markets trading, diaspora engagement and Golden Visa Programme as well as quantifying our natural minerals for investment.
Commenting on inflation, Chithyola 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.
Chithyola 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 registered in 2022.
“Moving forward, 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,” he said.
