{"id":8718,"date":"2021-11-01T13:48:48","date_gmt":"2021-11-01T13:48:48","guid":{"rendered":"https:\/\/www.africa-press.net\/malawi\/all-news\/malawi-likely-to-miss-growth-target-expert"},"modified":"2021-11-02T14:11:18","modified_gmt":"2021-11-02T14:11:18","slug":"malawi-likely-to-miss-growth-target-expert","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/malawi\/all-news\/malawi-likely-to-miss-growth-target-expert","title":{"rendered":"Malawi likely to miss growth target-expert"},"content":{"rendered":"

Africa-Press – Malawi. <\/strong><\/span>University of Malawi Economics Professor Ben Kalua has cast doubt over possibility of the economy growing by 3.8 percent in 2021 as earlier projected by the Treasury due to, among other factors, effects of the Covid pandemic and reduced economic activity in the year.<\/p>\n

Kalua said the local economy has been greatly affected by global factors such as increasing energy costs and the Covid pandemic, which affected supply chains.<\/p>\n

\u201cThe supply chain issue is global and Malawi is heavily dependent on imports for production, whether it\u2019s in agriculture or manufacturing; so, we are affected by trends in the global supply chain.<\/p>\n

\u201cThis year\u2019s growth projection can\u2019t be attained but next year, if we could follow what other countries are doing and invest significantly in production of industrial hemp and narrow the trade deficit, we could grow the economy by more than 6 percent,\u201d Kalua said.<\/p>\n

When presenting the 2021-22 national budget Minister of Finance Felix Mlusu said the economy was expected to jump to 3.8 percent in 2021 and 5.2 percent in 2022 owing to growth in the agriculture sector, projected at 6.2 percent in 2021.<\/p>\n

He said most economic sectors were also expected to register positive growth rates in the same period. But in a separate interview, Director for Centre for Research and Consultancy Milward Tobias said the 3.8 percent gross domestic product (GDP) growth rate projection is below the minimum six percent target set in Malawi 2063.<\/p>\n

He said even if this year\u2019s projection were to be achieved, the country would have to be worried that it is already missing targets of the Malawi 2063 vision.<\/p>\n

\u201cMuch as economic activities have resumed, the economy is still grappling with unfavourable macroeconomic environment which is slowing down the economy.<\/p>\n

\u201cAgriculture, forestry and fishing sectors may continue to register strong growth rate, wholesale and retail may be negatively affected by scarcity of foreign exchange and shrinking demand due to the rising cost of commodities. Construction sector may boost due to infrastructure projects financed through the bond and other means. In net though, GDP growth rate may be far less than the projected 3.8 percent,\u201d Tobias said. Last year, the country\u2019s economy was projected to grow by 1.9 percent but grew at 0.9 percent.<\/p>\n

For More News And Analysis About Malawi<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Malawi. University of Malawi Economics Professor Ben Kalua has cast doubt over possibility of the economy growing by 3.8 percent in 2021 as earlier projected by the Treasury due to, among other factors, effects of the Covid pandemic and reduced economic activity in the year. Kalua said the local economy has been greatly […]<\/p>\n","protected":false},"author":84,"featured_media":8717,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,7,8,12],"tags":[233,371,3001,1204,2146,234],"class_list":["post-8718","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-head-lines","category-homepage-english","category-policy","tag-africa-press","tag-africa-press-malawi","tag-covid-pandemic","tag-felix-mlusu","tag-gross-domestic-product","tag-malawi"],"yoast_head":"\nMalawi likely to miss growth target-expert - Malawi<\/title>\n<meta name=\"description\" content=\"University of Malawi Economics Professor Ben Kalua has cast doubt over possibility of the economy growing by 3.8 percent ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/malawi\/all-news\/malawi-likely-to-miss-growth-target-expert\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Malawi likely to miss growth target-expert\" \/>\n<meta property=\"og:description\" content=\"University of Malawi Economics Professor Ben Kalua has cast doubt over possibility of the economy growing by 3.8 percent ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/malawi\/all-news\/malawi-likely-to-miss-growth-target-expert\" \/>\n<meta property=\"og:site_name\" content=\"Malawi\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2021-11-01T13:48:48+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-11-02T14:11:18+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/malawi\/sites\/36\/2021\/11\/img-618146b422087.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1304\" \/>\n\t<meta property=\"og:image:height\" content=\"999\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/malawi\/all-news\/malawi-likely-to-miss-growth-target-expert#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/malawi\/all-news\/malawi-likely-to-miss-growth-target-expert\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/malawi\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Malawi likely to miss growth target-expert\",\"datePublished\":\"2021-11-01T13:48:48+00:00\",\"dateModified\":\"2021-11-02T14:11:18+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/malawi\/all-news\/malawi-likely-to-miss-growth-target-expert\"},\"wordCount\":380,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/malawi\/all-news\/malawi-likely-to-miss-growth-target-expert#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/malawi\/sites\/36\/2021\/11\/img-618146b422087.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Malawi\",\"Covid pandemic\",\"Felix Mlusu\",\"gross domestic product\",\"Malawi\"],\"articleSection\":[\"all news\",\"head lines\",\"homepage-english\",\"policy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/malawi\/all-news\/malawi-likely-to-miss-growth-target-expert#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/malawi\/all-news\/malawi-likely-to-miss-growth-target-expert\",\"url\":\"https:\/\/www.africa-press.net\/malawi\/all-news\/malawi-likely-to-miss-growth-target-expert\",\"name\":\"Malawi likely to miss growth target-expert - 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