Investors cautious ahead of election

Fred Kanjo, head of economic research services at the Commercial Bank of Malawi, said in a recent interview with the Media Institute of Southern Africa (MISA), that both foreign and local investors had adopted a more cautious stance ahead of the 15 June election, before making any firm investment decisions. Malawi has experienced a growth rate of about 8 percent since 1995, with the country's economy expected to grow by about 6 percent in the 1998/99 season. "However, with a GDP per capita of about US $180, Malawi remains one of the poorest countries in the Southern African region. The country is in desperate need of foreign investment to uplift the standard of living of its estimated 11 million people that has declined by nearly 27 percent since 1979," MISA said.