Contrary to other non Malawian sources, the Malawi Confederation of Chambers of Commerce and Industry (MCCCI) reports that Malawi’s economy in 2019 will lower. Its website forecasts the following
Private Consumption: currently at 5.3%, forecast is 5.1%
Gross Capital Investment: currently at 3.1%, forecast is 1.6%
Exports of Goods and Services: 4.6% forecast is 4.4%
Imports of Goods and Services: currently at 5.1% forecast is 4.1%
Biznews acknowledges that the above is just a forecast and has to be taken with a grain of salt, but to have an eagle’s eye view, various traders were approached to comment on the forecasts.
“As for the import of transport and goods, I think the forecast may be a miss” comments Abigail Moyo, a transporter and economy enthusiast. “With the new roads being finished by 2019, ease of transport is guaranteed; local and international businesses will be relying on the Malawian route” She also pointed out that the business of importing second hand cars is growing and will face competition in the coming year.
Another ounce of hope for the imports forecast came Chisomo Banda, an importer of apparel and kitchen ware. He agreed that there forecast may be true, but he pointed out that some factors are being ignored, hence it the seemingly poor economy in 2019, where imports are concerned. “I import various items from Tanzania and even China; all the time, I see Malawian citizens on board, who are doing the same thing. Doesn’t that count as an import? If so, that’s a different forecast altogether”
MCCCI gave a seemingly negative forecast while and external economic forecasts feel slightly positive, at the end of the day, it all boils down to how many citizens won’t give up on trade, despite various problems such as prolonged and worsening power/water outage.