The country is ranked the eighth poorest country in Africa, new data reveals. The list of poorest countries captures the outlook of the gross domestic product (GDP) in each country as of 2014.
The ranking, produced by Richest Lifestyle magazine, takes into account the total market value of goods and services produced by the national economy during the last year in regards to each person in the country.
Malawi’s economy hardly picking up
“Agriculture and services make up a huge chunk of GDP, accounting for 35% and 46% respectively. [But] a shortage of foreign exchange…led to Malawi being unable to pay for some imports” reads a statement by the Magazine.
Malawi joins three other SADC member states on the list, namely: Madagascar on number 9 as well as Zimbabwe and DRC which are the two poorest countries of all.
Another survey conducted by the acclaimed Mo Ibrahim Foundation has established that Malawi’s economy has not improved since 2010.
The Ibrahim Index of African Governance (IIAG) administered by the foundation shows that Malawi’s economy has continued to fall.
IIAG is the most comprehensive collection of data on African governance that aims to offer an annual assessment of the quality of governance in African countries.
The economy picked up during Bingu wa Mutharika’s first term, picking from 41% to 48.7% in 2010.
However, this year’s index shows that for these four years the economy has gradually been declining to hit a 45.9 mark.
The foundation ranked Zambia at number 13 and Mozambique at number 22.
Despite being among the top ten poorest countries in Africa, President Peter Mutharika extravagantly led a lavishing lifestyle in the United States where he went to attend the UN general Assembly.
President Arthur Peter Mutharika accommodated himself at the Waldorf-Astoria where a presidential suite comes with a price tag of US$17,000 (MK7 million).