The World Bank has said Malawi’s Gross Domestic Product growth will increase to 4.5 percent in 2017 from 2.5 percent in 2016.
The estimates are in the Malawi Economic Monitor (MEM) 6 which the bank released on Wednesday in Lilongwe.
The sixth MEM which is entitled Land for Inclusive Development was released together with Malawi Investment Climate and the Country Economic Memorandum.
The MEM says for Malawi to stay this course and prepare the way for a path to higher long-term growth, it needs to maintain and deepen macroeconomic stability, fiscal discipline, and debt sustainability.
“The country also needs a combination of a large boost in medium-term investments and deep structural reforms to strengthen conditions for the private sector. These reforms should include the availability of energy, and land reforms,” says the report.
The MEM acknowledges the recent passage of Land Laws as necessary to secure land rights, especially for women and vulnerable groups but it recommends improving the planning and management of land resources at central and local levels, as this has a potential to generate revenue.
Speaking at the event, Reserve Bank of Malawi Governor Dalitso Kabambe expressed gratitude over the reports saying they will among others assist Malawi on how to move forward in terms of boosting its economy.
“These reports are fair and are showing that we are coming from a very difficult time but am glad to say that we have stabilised our economy,” Kabambe said.
He was quick to mention corruption as well as cashgate scandals as main factors that disturbed the country’s economy.
According Kabambe, Reserve Bank with the help of the reports will therefore make sure that the county’s economy continues to stabilize.
In her remarks, World Bank Country Economist Priscilla Kandoole commended Malawi for improving its economy.
Kandoole asked people in authority to continue working hard and use some of policies outlined in the reports.