World Bank engages UNIMA academics on Malawi’s economy

The University of Malawi recently had the privilege of hosting World Bank officials who presented the findings of a report titled “A Narrow Path to Prosperity” on 28th February, 2024. This report, released every five years, examines the growth constraints and possibilities for Malawi. Jakob Engel, a Senior Economist at the World Bank, delivered the talk, which was attended by UNIMA academics, other members of staff, students, and the Executive Dean of the School of Law, Economics, and Government, Professor Happy Kayuni, representing the Vice Chancellor, Professor Samson Sajidu.

The report highlights that while Malawi's economy has shown growth over the past three decades, it has been significantly slower compared to other countries. Factors contributing to this slower growth include declining exports and rising imports, climate-related disasters, insufficient saving and investment, and a slow transition of workers from agriculture to industry. The report suggests solutions as well, including the role of the private sector in boosting exports and capitalizing on government policies.

Within his presentation, which was held in the Wadonda Lecture Theatre, Engel commented on the achievability of the MW2063 goals, stressing the need for a significant shift in the way the economy is run towards greater emphasis on private sector investment.

Following the presentation, there was a panel discussion led by Dr. Winford Masanjala, Dr. Michael Chasukwa, Head of Politics and Government, and Dr. Kisu Simwaka, Director of Economic Policy and Research at the Reserve Bank. The panelists discussed the direction of Malawi's economy and engaged with the audience in a lively Q&A session. Students and staff members raised critical questions which mostly centered on devaluation and exports among other economic issues that were raised in the report, demonstrating their keen interest in the discussion and addressing Malawi's economic challenges.

Speaking after the event, Dr. Gowokani Chijere-Chirwa, Head of the Economics Department, said the event was important for the students as it provided a bridge between theory and practice.

“When students are here, they are exposed to theory,” he explained. “Bringing in external experts who have conducted studies like these helps students appreciate the link between theory and practice, exposing them to potential solutions for our economy before they enter the job market.”

Commenting on the talk, Dr. Chasukwa described it as crucial, expressing optimism that if recommendations in the report were implemented Malawi could overcome its economic challenges.