An economist has forecasted that Malawi will face several economic challenges due to the cancellation of the annual International Trade Fair.
Shire University based economist Happy Chirwa said that the country has already feeling the pinch following the cancellation of the event.
Chirwa said one of the major blows that the country will face will be a decrease in foreign exchange revenue that the country generates when foreign investors come to these events.
“One of the important things we look at is the loss of forex that we expect immediately when such type of programs are on, so if that has been cancelled then there will be no forex,” he said.
Chirwa further stated that the transport sector will also be affected since this is one major benefactor of such events as people need transportation.
“We also lose in terms of transportation because if our airline is involved it means we were supposed to get that revenue as well but if they are not used that is lost as well,” he said.
Chirwa also lamented that the tourism sector is also another key area that will continue to face more heartache since it has already been facing difficulties since the inception of COVID -19.
Organisers of the fair, Malawi Confederations of Chambers of Commerce and Industry (MCCCI) said that the fair which is hosted in the month of September annually will not be carried out this year due to the COVID – 19 pandemic.