Malawi ranked 8th poorest in Africa, World’s fastest growing consumer

Malawi has been ranked as the eighth poorest country on the continent and the fastest growing consumer market in the world .

Malawi fastest growing conumer and eigth poorest in Africa - Photo by Amos gumulila, getty images

Malawi fastest growing conumer and eigth poorest in Africa – Photo by Amos gumulila, getty images

Richest Lifestyle, a publication that is dedicated to the lifestyle of celebrities, rich and fabulous people around the globe, as of 2004, 54 percent of Malawians lived under the poverty line on less than $1 (about K460) a day while the country is faced with the shortage of foreign exchange, leading to its failure to pay for some imports.

In another report, Euromonitor found after analyzing markets by expected consumer expenditure and annual real growth this year that Malawi is fastest world growing consumer.

Consumer spending iis set to grow 18.2 percent year-on-year in 2014, the report said.

Malawi’s total consumer expenditure will likely reach $5.6 billion by the end of this year, translating into spending of only $335 per capita, the research firm said.

The growth may be fast, but Euromonitor analysts cautioned that such a low level of spending inevitably limits business opportunities.

Furthermore, finding ways to invest in Malawi can also be challenging, as barriers to investment include a shortage of foreign exchange and poor infrastructure.

“In the short term, consumer market growth in Malawi will be supported by the country’s improved economic performance (which will help to raise incomes) and slowing consumer price inflation (which will raise consumer demand),” Euromonitor said.

Last year, another report ranked Malawi as the second world’s worst performing economy, according to ranking by the International Monetary Fund (IMF) which rates countries by at least one measure.

President Peter Mutharika, speaking during his inauguration said government will take a bottom-up approach that involves and directly benefits ordinary people.

Follow and Subscribe Nyasa TV :

Please share this Article if you like Email This Post Email This Post

More From the World

Sort by:   newest | oldest | most voted
Yusuf
Guest

I think MALAWI is now giving hope

kabaka mutesa
Guest

Koma ma politicians zawo zikuyenda koma enafe tidikire ufumu ukudzawo

Angoni
Guest
We r nt poor infact we r rich coz we r de fastest consumer. To b a consumer it means we have resources dat we exchange for something such fertilizers,cloths cars,food etc. The more we consume=the more we produce, in this scenario we cannot b the fastest consumers if we produce less.all in all for us to realise dat we rich we nid sit down and reduce imports for luxuries, this is so coz outsiders get little from us and we get more from dem as such we make dem rich.what am saying is we nid concetrate on using locally… Read more »
Kadakwiza
Guest
Yes, Malawi is one of the poorest country in Africa. Why? (1) Because northerners I mean ( these Tumbukas) were not given a chance to rule or lead the country. (2) Because of Kamuzu dictatorship style. (3) Because of corrupt and selfish leadears as from Day one back in 1964. (4) Because Malawi don’t need donors but investors, (5) Because Malawi is not govern by the minority
Malawi Patriot
Guest

We can change this if we start appreciating what politics is and what it entails. Politics is not about being in state house to abuse resources and allow other people to benefit without looking at a bigger picture of the nation. Next time let us all vote wisely bearing in mind the facts we have on the ground.

mafiloe
Guest
you must no that there z a very big gap between the poor and the rich so how can u expect the country to develop in this way. it doesnt mean that Malawian r lazy they r hard workers bt the problem they lack suport 4 example lets go to fertilizer subsidy program the aim of that program was to help those who cannot manage to buy fertilizer at its original price bt u will agree with me that most of the people who manage to buy this fertilizer r rich people jst becoz they hoave got much money. how… Read more »
Anonymous
Guest
i dont care whether Malawi is poorest in the world what what i care is that we will all die at the end of the day, answer me if rich countries people they dont die, one thing i like in this life is that whether you eat expensive food and another eat common papa or nsima we both full in our stomach, you are educated am not educated to me its the same we all chasing the wind, and please do me afavor stop annoucing that Malawi is poor, when you say is poor who do you compare with we… Read more »
shangingo
Guest
This is very pathetic and indeed the situation on the ground shows that we are a damn poor nation. But let me emphasise the fact that our nation is not doomed in terms of resources , in fact it is one of the most blessed but our mind set or rather mentality has let us into this kind of a mess. We have always had greedy leaders who do not put the welfare of the people at heart instead they misplace priorities . Billions & billions of Tax payers & donors funds are circulating in the hands of a few… Read more »
Achimidzimidzi
Guest
Mr Reporter, I like the point where you say,”barriers to investment include shortage of foreign exchange and poor infrastructure.” I think our priorities are not in order. Some of these people have tarmac roads up to their door step and had built mansons in their village and then the University which was to be built in Lilongwe is in their farm. However, some areas where investors can put their money have earth ungraded roads all the year, rightaway from the DC’s office to Capital Hill, except MI road. Whatever, people will say, let them use the infrastructures in their areas… Read more »
chinambalala
Guest

The country is not poor, we have all the resources but we have GREEDY leaders who always enriches themselves. Its the pple who are poor!!

wpDiscuz

More From Nyasatimes