Malawi’s economy could experience shocks due to coronavirus pandemic

By Mabuchi Chunga

The Reserve Bank of Malawi (RBM) has said there is a possibility that the country’s economic activities could be negatively affected in the long run due to the Coronavirus pandemic which has already started impacting major economies.

Director of Communications and Protocol at RBM, Mbane Ngwira said Malawi could experience some challenges because most of the affected countries are the ones we do import and export trade with.

“First of all let me acknowledge that the impact of coronavirus has spread across the globe and Malawi will not be spared,” said Ngwira.

“There is a possibility that currently the GDP of the nation will most likely not be affected immediately since it depends on agriculture produce which is in a good state.”

However, Ngwira implied that cross border trade will be affected.

“If we look at China imports from China have been delayed and people have not been able to travel to China and make their business transactions.”

There has been growing concern that there could be a possible global recession following the Coronavirus pandemic.

As of Thursday March, 12 2020 the Dow Jones Index registered a 10% loss and several stock markets in the US were operating in a bear market following Trump’s travel bans.

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