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Nico paints mixed economic outlook

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Malawi Stock Exchange-listed Nico Group has said it anticipates the economic situation to remain volatile in the interim to medium terms, albeit remaining optimistic that its business will remain afloat.

Nico Group Managing Director Vizenge Kumwenda said this on Tuesday in Blantyre when the company engaged its stakeholders on its business performance and prospects.

Among other things, Kumwenda said exogenous shocks such as supply chain disruptions on the global market due to the Russo- Ukrainian War remain a thorn to the local economy.

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“The business environment will continue to be difficult. The world economy is also going through a lot of turmoil due to the Ukraine-Russian war which is also impacting supply chain where goods and services are not moving the way they should. There is also a general inflation which is worldwide, some of which are a result of effects of Covid.

“These things have an impact on Malawi. So, it will not be easy, it is something that we will have to take a day at a time to manage these risks,” Kumwenda said.

He then called for prudence in all sectors of the economy, including in managing the public funds, in an attempt to cushion impact of the risks.

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According to Kumwenda, while demands remain enormous, the country needs to consider making serious adjustments towards recovery.

Commenting on the business performance, Kumwenda said the firm show signs of resilience in the first six months of the year, a performance he said will be extended to the remaining part of the year and beyond.

“The first half was tough but we are on course to meet what we intended to achieve. We expect our performance for the first half of 2022 to be better than the first half of 2021 with not less than 35 percent,” Kumwenda said.

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