By Burnett Munthali
Here is the International Monetary Fund (IMF) prediction for 2023. The baseline forecast is for growth to fall from 3.4 percent in 2022 to 2.8 percent in 2023, before settling at 3.0 percent in 2024.
Advanced economies are expected to see an especially pronounced growth slowdown, from 2.7 percent in 2022 to 1.3 percent in 2023.
GDP in Malawi is expected to reach 12.97 USD Billion by the end of 2023, according to Trading Economics global macro models and analysts expectations.
In the long-term, the Malawi GDP is projected to trend around 13.41 USD Billion in 2024 and 13.92 USD Billion in 2025, according to econometric models.
The Executive Board of the International Monetary Fund (IMF) approved in 2022 a disbursement of US$88.327 million (SDR 69.40 million) under the Food Shock Window of the Rapid Credit Facility to help Malawi address urgent balance of payment needs related to the global food crisis.
The following is the recent economic status of Malawi. Growth was projected to decline to 0.9% in 2022, from 2.8% in 2021, with lower agricultural output, erratic electricity supply, foreign exchange shortages affecting importation of raw materials, and high global commodity prices.
India is expected to emerge the fastest-growing economy in 2023, ahead of China and the US.
According to recent reports in April 2023, the International Monetary Fund (IMF) recently slashed the rate at which India will grow in 2023 — to 5.9 percent from the earlier estimate of 6.1 percent.
Generally speaking, forecasts in the World Economic Outlook, published twice annually by IMF staff, have turned out to be fairly accurate, within a percentage point of what actually happens. The big exception: the two to three years leading up to and during economic downturns.
According to the latest available data from the World Bank in 2021, the United States of America was the world’s largest economy, with a GDP of over US$23 trillion .
According to latest reports in January 2023, Africa’s pre-Covid-19 top five performing economies are projected to grow by more than 5.5% on average in 2023-2024 and to reclaim their position among the world’s 10 fastest-growing economies. These countries are Rwanda (7.9%), Côte d’Ivoire (7.1%), Benin (6.4%), Ethiopia (6.0%), and Tanzania (5.6%).
Gross debt in Malawi
The gross debt in Malawi in the period from 1998 to 2021 was between 716.0 million and 8.1 billion USD. The highest level of the last years at eight billion US Dollar was reached in 2021.
