World Economy

Malawi Economy Predicted to Grow to 6%

Malawi Economy Predicted to Grow to 6%Malawi Economy Predicted to Grow to 6%

Malawi’s economy will grow by as much as 6% in 2019 from a 4% expansion expected in 2018, President Peter Mutharika said, in remarks ahead of the presentation of the national budget in parliament, Enca reported. Malawi, which is heavily reliant on financing from foreign donors, mostly Britain, other European Union countries and the United States, has restored economic stability after a period when the siphoning off of funds by government officials led to donors freezing budgetary support in 2013. A former justice minister and scores of other government officials were convicted of complicity in the “Cashgate” scandal. “It has taken us three years to turn around the economy from the devastation of Cashgate, and through national disasters of floods, drought and hunger,” Mutharika said. Landlocked Malawi is a net importer of fuel and other essential commodities, mainly agricultural goods and drugs. Elections are due in Malawi in May 2019 and Mutharika has declared that he will seek a second term.


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