The Malawi Confederation of Chambers of Commerce and Industry (MCCCI) has released its insightful 2024 Business Environment Assessment Report, providing a comprehensive analysis of the country’s economic landscape and setting the stage for 2025.
The report, co-signed by MCCCI President Dr. Wisely Phiri and Chief Executive Officer Daisy Kambalame, outlines the current economic challenges, including an El Niño-induced drought and foreign exchange shortages, while also highlighting positive developments such as the approval of a $175 million Extended Credit Facility (ECF) from the International Monetary Fund (IMF).
One of the report’s key highlights is the projected economic growth rate of 3.2 percent for 2024, a significant improvement from the 1.5 percent recorded in 2023.
Despite the positive outlook, the report emphasizes the persistent challenges faced by businesses, particularly micro, small, and medium enterprises (MSMEs). High production costs, steep interest rates, and uncertainties in exchange-rate policies continue to hinder investment and job creation.
MCCCI’s recommendations are aimed at creating a more supportive regulatory environment and formalizing the informal sector to widen the tax base. The report also calls for targeted interventions to support MSMEs and boost their productivity. Download full report here www.mccci.org
