Cyclone Freddy will impact real Gross Domestic Products – Wilson Banda
Reserve Bank of Malawi Governor Wilson Banda says Real Gross Domestic Products (GDP) for 2023 is expected to be 1.7 percent, 1 percentage point lower than the 2.7 percent projection in the 2023/24 nation budget.
Banda said this when opening the Business Leaders’ Summit organised by the Malawi Confederation of Chambers of Commerce and Industry (MCCCI) currently underway in Mangochi District.
He said the initial projection was based on favorable weather conditions which had been affected by the occurrence of cyclone Freddy-induced disaster.
“The economy is also faced with continued low supply of foreign exchange exacerbated by the war in Ukraine. We anticipated a slowdown in inflation in 2023 but due to these factors’ inflation is likely to remain with us in the short term,” Banda said.