President Joyce Banda has declared her government is putting Malawi right, as the recovering economy is likely to grow by 6.3 percent this year, compared with 6.1 percent growth in 2013.
The 6.1 percent economic growth represents 0.7 percentage points higher than the earlier projected 5.4 percent growth rate, partly because of increased crops production and the availability of foreign exchange, said Banda.
Inflation is seen slowing to 14.2 percent by the end of 2014, from 23.5 percent in 2013, and braking further to 9 percent in 2015, she said.
Banda also said she expects interest rates and the kwacha to continue to adjust accordingly in line with recent economic developments.
She said in view of the government’s commitment to sound political and economic governance policies, she was hopeful that Malawi’s development partners will adjust accordingly to support efforts and successes by resuming budget support as soon as possible.
President Banda who says she has been on “transit lounge” since she ascended to power following the death in office of Bingu wa Mutharika and now seeker her own manadate in May 20 election, said her government remained committed to “staying the course with the reforms”.
Banda has pledged to continue “building an efficient, transparent and open government as a matter of national choice.”
President Banda also predicts the unemployment rate would sometime over the course of this year when her party’s manifesto comes into implementation after the elections.