STEPS Profile Malawi May 2019
Author(s)/Corporate Author (s)United Nations. Economic Commission for Africa;
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Malawi is one of the least developed countries in the world, with an economy highly vulnerable to external factors such as terms of trade shocks, adverse weather conditions and sudden sharp declines of capital inflows, including external aid. The country has in the last couple of years made efforts towards macroeconomic stability. Malawi needs a sustained growth rate of at least 7 per cent for approximately 17 years to achieve middle-income country status, with $1,025 gross national income (GNI) per capita, 5 compared with $320 GNI per capital for the 2018/19 financial year. Malawi should take a holistic approach to building economic resilience to address structural vulnerabilities within the country. Advancing structural reforms, reducing dependence on unpredictable and fluctuating aid and moving towards self-reliance, and improving governance and transparency will be critical in this respect. A resilient economy is not only a political goal, but also a necessary condition for sustainable and inclusive economic growth.
Citation“United Nations. Economic Commission for Africa (2019-05). STEPS Profile Malawi May 2019. Addis Ababa. © UN. ECA. ”
- Economic development