Economy of Malawi

Economy of Malawi
Lilongwe, the financial centre of Malawi
CurrencyMalawian kwacha (MWK)
1 July - 30 June
Trade organisations
AU, AfCFTA (signed), WTO, SADC, COMESA
Country group
Statistics
GDP
  • Increase $7.522 billion (nominal, 2019 est.)[3]
  • Increase $25.167 billion (PPP, 2019 est.)[3]
GDP rank
GDP growth
  • 4.0% (2017) 3.5% (2018)
  • 4.4% (2019e) 4.8% (2020f)[4]
GDP per capita
  • Increase $371 (nominal, 2019 est.)[3]
  • Increase $1,240 (PPP, 2019 est.)[3]
GDP per capita rank
GDP by sector
agriculture 29.4%, industry 15.8%, services 56.1% (2016 est.)
8.4% (2020 est.)[3]
Population below poverty line
  • 51.5% (2016)[5]
  • 70.3% on less than $1.90/day (2016)[6]
44.7 medium (2016)[7]
Labour force
  • Increase 8,156,049 (2019)[10]
  • 39.1% employment rate (2017)[11]
Labour force by occupation
agriculture: 76.9%, industry: 4.1%, services: 19% (2013 est.)
External
Exports$1.443 billion (2017 est.)
Export goods
tobacco (55%), dried legumes (8.8%), sugar (6.7%), tea (5.7%), cotton (2%), peanuts, coffee, soy (2015 est.)
Main export partners
2017:
Imports$2.388 billion (2017 est.)
Import goods
food, petroleum products, semi-manufactures, consumer goods, transportation equipment
Main import partners
2017:
FDI stock
$129.5 million (2014)
$1.861 billion (2017 est.)
Public finances
50.8% of GDP (2013 est.)
Revenues$1.347 billion (2013 est.)
Expenses$1.4 billion (2013 est.)
Economic aid$1.174 million (2012)
$364.2 million (31 December 2013 est.)
All values, unless otherwise stated, are in US dollars.
Lilongwe market.

The economy of Malawi is $7.522 billion by gross domestic product as of 2019, and is predominantly agricultural, with about 80% of the population living in rural areas. The landlocked country in south central Africa ranks among the world's least developed countries and poorest countries.[12] Approximately 50% of the population lives below the national poverty line, with 25% living in extreme poverty.[12]

In 2017, agriculture accounted for about one-third of GDP[13] and about 80% of export revenue. The economy depends on substantial inflows of economic assistance from the IMF, the World Bank, and individual donor nations. The IMF and World Bank has spearheaded structural reforms in Malawi for decades.[12]

The government faces strong challenges: to spur exports, to improve educational and health facilities, to face up to environmental problems of deforestation and erosion, and to deal with the problem of HIV/AIDS in Africa.

  1. ^ "World Economic Outlook Database, April 2019". IMF.org. International Monetary Fund. Retrieved 29 September 2019.
  2. ^ "World Bank Country and Lending Groups". datahelpdesk.worldbank.org. World Bank. Retrieved 29 September 2019.
  3. ^ a b c d e "World Economic Outlook Database, October 2019". IMF.org. International Monetary Fund. Retrieved 22 January 2020.
  4. ^ "Global Economic Prospects, January 2020 : Slow Growth, Policy Challenges" (PDF). openknowledge.worldbank.org. World Bank. p. 147. Retrieved 22 January 2020.
  5. ^ "Poverty headcount ratio at national poverty lines (% of population) - Malawi". data.worldbank.org. World Bank. Retrieved 5 February 2020.
  6. ^ "Poverty headcount ratio at $1.90 a day (2011 PPP) (% of population) - Malawi". data.worldbank.org. World Bank. Retrieved 5 February 2020.
  7. ^ "GINI index (World Bank estimate) - Malawi". data.worldbank.org. World Bank. Retrieved 5 February 2020.
  8. ^ "Human Development Index (HDI)". hdr.undp.org. HDRO (Human Development Report Office) United Nations Development Programme. Retrieved 11 December 2019.
  9. ^ "Inequality-adjusted Human Development Index (IHDI)". hdr.undp.org. HDRO (Human Development Report Office) United Nations Development Programme. Retrieved 11 December 2019.
  10. ^ "Labor force, total - Malawi". data.worldbank.org. World Bank & ILO. Retrieved 5 February 2020.
  11. ^ "Employment to population ratio, 15+, total (%) (national estimate) - Malawi". data.worldbank.org. World Bank. Retrieved 5 February 2020.
  12. ^ a b c Chavula, Hopestone Kayiska; Ngalawa, Harold P. E.; Dulani, Boniface; Munthali, Thomas Chataghalala (2024), "Introduction", The Oxford Handbook of the Malawi Economy, Oxford University Press, pp. 1–14, ISBN 978-0-19-889016-4
  13. ^ "CIA World Factbook". CIA. 3 March 2022.