The Reserve Bank of Malawi (RBM) has forecasted that in 2021, the manufacturing sector will grow by 5.6%
In agreement, the Malawi Confederation of Chambers of Commerce and Industry (MCCCI) stated that the growth is likely since manufacturing companies have found ways of navigating or managing the shock. Meanwhile, figures show that in 2020, manufacturing grew by 1.2% from 5.1% in 2019.
The RBM report predicting the growth has outlined that while the overall growth of the sector has declined, some sub-sectors registered a significant increase in growth due to the pandemic. The report has noted the increased demand for plastics, sanitisers and campaign materials entailing increased growth for the concerned subsector.
Last year, RBM predicted 3.5% growth in the sector, justifying its prediction by the expected bumper harvests of maize, as the poor harvests in 2018 influenced low manufacturing figures.