Analysis by Region - Emerging Markets - Malawi
We have cut our 2024 real GDP growth forecast further, to 2.2% from 3.1%, as the El Niño-induced drought conditions take their toll on the agricultural sector. We forecast a rebound in real GDP growth from next year onwards as favourable weather conditions are expected to boost agriculture. Investments in the agricultural sector by the government will also underpin the sector's performance going forward. Nevertheless, the increased frequency of adverse weather conditions is especially punitive to the agricultural-based economy. One of the government's many goals is to increase the country's resilience to this challenge.
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