The African Development Bank (AfDB) projects Malawi\u2019s Gross Domestic Product to grow by four percent in 2016, which is well under the 5.1 percent growth rate announced by President Peter Mutharika when he gave his State of the Nation Address to the current sitting of Parliament<\/p>\n
In its African Economic Outlook 2016 released on Monday, the AfDB says the growth outlook is premised on favourable weather conditions, macroeconomic stability, consistency in policy implementation and renewed private sector confidence.<\/p>\n
The AfDB has further predicted that growth would accelerate to 4.9 percent by 2017 but this is still 2.1 percent shy of Mutharika\u2019s seven percent GDP projection for 2017.<\/p>\n
The African Economic Outlook 2016 themed \u2018Sustainable Cities and Structural Transformation\u2019 says Malawi\u2019s population growth of 2.8 percent per annum will require consistent economic growth to reduce poverty and improve progress towards the Sustainable Development Goals.<\/p>\n
\u201cUrbanisation in Malawi poses both challenges and opportunities for transformation. The country is one of the least urbanised in the region but the 3.8 percent urban growth rate is higher than the overall population growth rate of 2.8 percent.<\/p>\n
\u201cThe major challenge is to meet demand for housing and other basic services, despite limited resources. However, urbanisation presents an opportunity if its potential to transform the economy can be harnessed,\u201d reads the statement in part.<\/p>\n
With two-thirds of Africans expected to live in cities by 2050, the outlook says how Africa urbanises will be critical to the continent\u2019s future growth and development.<\/p>\n
It says Africa\u2019s economic performance held firm in 2015 amid global head winds and regional shocks. The continent remained the second fastest growing economic region after East Asia.<\/p>\n
According to the report\u2019s prudent forecast, the continent\u2019s average growth is expected at 3.7 percent in 2016 and pick up to 4.5 percent in 2017, provided the world economy strengthens and commodity prices gradually recover.<\/p>\n
In 2015, net financial flows to Africa were estimated at $208billion, 1.8 percent lower than in 2014 due to a contraction in investment. However, official development assistance increased by four percent.<\/p>\n","protected":false},"excerpt":{"rendered":"
The African Development Bank (AfDB) projects Malawi\u2019s Gross Domestic Product to grow by four percent in 2016, which is well under the 5.1 percent growth rate announced by President Peter Mutharika when he gave his State of the Nation Address to the current sitting of Parliament In its African Economic Outlook 2016 released on Monday, […]<\/p>\n","protected":false},"author":3,"featured_media":24891,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-24889","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/archive.times.mw\/index.php\/wp-json\/wp\/v2\/posts\/24889","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/archive.times.mw\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/archive.times.mw\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/archive.times.mw\/index.php\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/archive.times.mw\/index.php\/wp-json\/wp\/v2\/comments?post=24889"}],"version-history":[{"count":1,"href":"https:\/\/archive.times.mw\/index.php\/wp-json\/wp\/v2\/posts\/24889\/revisions"}],"predecessor-version":[{"id":24892,"href":"https:\/\/archive.times.mw\/index.php\/wp-json\/wp\/v2\/posts\/24889\/revisions\/24892"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/archive.times.mw\/index.php\/wp-json\/wp\/v2\/media\/24891"}],"wp:attachment":[{"href":"https:\/\/archive.times.mw\/index.php\/wp-json\/wp\/v2\/media?parent=24889"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/archive.times.mw\/index.php\/wp-json\/wp\/v2\/categories?post=24889"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/archive.times.mw\/index.php\/wp-json\/wp\/v2\/tags?post=24889"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}