World Bank Tips Malawi on Economic Growth
The World bank has tipped Malawi government to create a good relationship with the private sector as one way of enhancing the country’s economic growth.
Malawi’s economy has been sailing in troubled waters due to among others, effects of Cyclone Idai, a disaster that hit the country early this year and the political unrest that followed the May 21 Elections.
The increased uncertainty in the political environment has slowed down business activities with some people and organizations have lost property during demonstrations aimed at forcing Malawi Electoral Commission (MEC) Chairperson Justice Dr Jane Ansah to step down.
However, one of the country’s development partners World Bank, feels all is not lost.
According to the World Bank Country Manager Greg Toulmin, a strong and positive relationship with the private sector is key in the country’s economic growth.
Toulmin said this on Thursday in Lilongwe during the launch of the 10th edition of the Malawi Economic Monitor.
“If government wants to create more jobs and enhance economic growth, it should make it easier for businesses to operate in the country,” said Toulmin.
Economic Expert Dr Betchani Tchereni has since challenged government and all stakeholders involved in the current political stalemate to work towards rebuilding the country and attracting investors.
“The economy has to remain strong. Politics cannot work without a conducive economic environment and vice versa. There has to be stability in the political arena,” he said.
Among others the Malawi Economic Monitor report has projected that the economy may grow by 0.5 percent and that about one million people will be food insecure in 2020 due to the impact of Cyclone Idai.