Malawi 2009 growth seen above 7 percent
Victor Mbewe
Malawi expects its economy to grow by more than 7 percent in 2009 compared to last year’s estimated 9.7 percent, boosted by a bumper maize crop and strong performance in other key sectors, Reserve Bank Governor Victor Mbewe has said.
Mbewe told Reuters in an interview that the economic outlook for the southern African nation was ‘good’ despite the global financial downturn, citing the crop, the start of uranium production and increased activity in the telecommunications sector.
“We expect the economy to expand above the average 7 percent this year,” he said, declining to elaborate.
The Economist Intelligence Unit has forecast Malawi will have the world’s fastest growing economy after Qatar this year, but annual gross domestic product is still around just $313 per capita and AIDS has orphaned about one million children.
The economy grew by an estimated 9.7 percent in 2008, boosted by expansion of the telecommunication industry, high tobacco sales and a strong maize harvest, according to the International Monetary Fund.
The IMF also forecast strong growth for 2009 on the back of another good harvest and the start of uranium production but warned of risks from the global economic downturn.
“We also expect inflation to remain at single digits this calendar year,” said Mbewe.
He said lower exports of the main crop tobacco had affected the economy.
“The low foreign cash position is also attributed to the disruptions in the tobacco market which has seen sales suspended over low prices, “said Mbewe. -Reuters
Tagged with: economy, forex, inflation, Reserve Bank of Malawi, Victor Mbewe
This is good for Malawi. Tsiku lina tidzalemera. Nkhani yake ndi kulimbikira. Anzathu a ku China anayamba choncho cha m,ma 1970s, pano akuchita bwino ndithu. Nafe tingokhala determined mumene akunenera Bingu. We will get there soon. Mbite!!!
Good news, but don’t sell the skin of the bear before you catch it.
Remember, anything can happen at anytime.
But lets just hope that we will have this.
Atembo bwanji pamenepa.basi ingogwirani ntchito ndi boma.eeeeeti fanz
Good economic policies
Good news
ha-ha-ha!!! So Malawi’s GDP=R32bn which is almost less than the Gautrain project. What a joke! Dont be fooled by the percentile quotations (7% growth) which only represents R2.3bn. This is by far less than the revenue of a midium sized firm in RSA. Bingu might be doing fine but only when compared to his two predeccessors who are infact wrong benchmarks. He is doing nothing at all.
How can you compare Mw’s economy with that of RSA? By the way where are you? It seems to me that you are not resident in Malawi. The best resource of any nation is its people but if the ppo choose to work outside their country how can it develop? Come home and help us develop this country.
Hey Kune! Do you know about Economy? RSA was build by the DUTCH. I respect the BOTSWANA”S ECONOMY!!! My fellow Malawians, let us join HANDS in rebuilding our ECONOMY!!! Kune akagwere uko…
Well done Bingu, but still 2014 we need young blood. Someone who is more ambitous. Who will take Malawi on top of the world,who will rule with integrity. Who will change the way things are done in this little Malawi.We are just watching. Malawi is small, just imagine a population of about 15 Million people. And we only need about R225 000 000 000 000 (225 Trn Rands)only to make everyone a millionaire. Together we can make it! So I want you, I mean all Malawians together with me to this journey. The journey to make Malawi a best place on earth. Its our tym!
Shocked that one kune thinks he or she can compare marbles with orange seeds. For starters even in RSA the economy of Gauteng is far much better than that of the Eastern Cape. The Western Cape is the best run province….outclassing Gauteng, even with Gautrain projects and all. Some Schools and hospitals in RSA are just like schools and hospitals in Malawi. And why would so many South African professional be leaving RSA? Because even with billion rand projects and budgets conditions are better elsewhere!
So does Kune expect Malawi to be RSA? Well maybe try to get the little town of Alice in the Eastern Cape to be like Port Elizabeth first. How about turning the shacks of Khayelitsha into mansions of Constantia and Bishop’s Court. Yes, the dumpsites of Soweto into North Cliff. The stinking corridors of Chris Hani Bharagwanath Hospital into the opulent Garden City waiting area.
Compare Muluzi’s performance to Bingu’s? Good thought. But acknowledge one thing first. I know alot more proud Malawians now who were no so proudly Malawian during that horrid reign of economic terror and squandering. You do not know how much self-worth and belief has been returned to us, just beacuse we have a leadership that believes in us. Yes, we can!
We may not have Gautrain. Maybe we don’t need Gautrain. We need food on our tables. Once we have got that, we need proud Malawians walking heads held high, believing we can. We are proudly Malawian. We will die proud, and trying, and working. Till, one day, our children never think of their country as one of the poorest in the world. they will know, on 19th May 2009 their parents, grand parents, great grand parents made a good investment in their country.
Then, let them compare orange seeds to orange seeds.
Kodi inu makwere kwere mukuti chani. If you have nothing to say just keep quite. You are in SA but you live in a tin house no toilet etc. what a shame by living in SA that does not make you a richer person. I can tel you lost your passport or you flashed it in the toilet (that is why you don’t know how Malawi is in recent years) come back home and see what is happening.