Malawi Economy under Siege Says MCP
During the annual parliamentary, presidential address, President Peter Mutharika on his 47th session of parliament assured the members of parliament that the Malawian economy was on a steady rise citing the reduction in inflation and interest rates which shows signs of economic stability. The president talks about the 5.5% growth which has been realized within a spell of a shorter time.
As expected the work of the opposition party is to shade lights on where they think the ruling government is misleading the nation. The Malawi Congress Party (MCP) which is the main opposition party, its member who is the Member of Parliament for Lilongwe North takes the president head-on about the Malawian economy.
Patricia Mkanda says that the economy of the country is at its downfall and that quick intervention is required to restore back the faith to the economy by citizens. Patricia claims that the head of state failed to shade any light on the real growth domestic product (GDP) in the previous two years that was less than 2.5%. She noted that many Malawi citizens are relocating from Malawi to foreign countries like South Africa because of the economic instability.
The Member of Parliament said that president and the ruling party have to look for the rightful ways of reviving the country’s economy rather than involving itself in side shows. She highlighted that the Malawians are earning less and that was reflected through failure by the Malawian Revenue Collecting Authority which is entitled to the collection of the tax to reach its target in two consecutive months in 2017.
The employment rates are low on the youths not only because they are unable to find jobs, but also the laying off of those who were employed by the companies which have stopped employing due to the harsh economic conditions. Companies like construction companies are finding it difficult to operate due to inadequate cement in the market. The legislator cited the problem on the poor management of the economy by President Peter’s regime.
The body that has a duty of carrying out the countries statistics indicates that Malawi’s annual inflation rate for October 2017 had a negative deviation of 0.1% from 8.4% to 8.3%. National Statistical Office sites that, the minimal difference is reflected on the increase in other commodities apart from food staffs by 0.1% points to 11.7% in October.