Malawi is among the world’s three poorest countries, bettered only in terms of poverty by Sierra Leone and Burundi.
This is according to a 2023 report by International Monetary Fund (IMF) which has ranked countries ranked depending on Gross Domestic Product (GDP) per capita.
Malawi’s GDP currently stands at $483.
Out of 123 countries with GDP below the global average, Malawi is better than Burundi which has been ranked as the poorest country with $308 followed by Sierra Leone on second position with $472.
The Central African Republic on fourth position with $516 and Madagascar on fifth position with $540.
Malawi’s three neighbours are also in the top 40 with Mozambique appearing fifth with a GDP per capita of $579, Tanzania ha been ranked 29th with a GDP per Capita of $1,341 while Zambia is on position 31 with a GDP per Capita of 1,396.
Yemen is the first non-african country on the list on number 15.
Malawi’s economy has been worsening for years characterised by a continued rise in prices of goods and services, reduction in purchasing power and shortage of forex.
Currently, one USD is being sold at K1060 and the public debt is over K7 trillion, more than three times the national budget.
Recently, Malawi’s universities ranked poorly on the Times Higher Education (THE) inaugural Sub-Saharan Africa University Rankings in 2023 with Malawi University of Science and Technology coming 29th.
