While many Australians were able to pretty much dodge the Global Financial Crisis (GFC), and first world nations like the US and Greece buckle and tip under its pressure, few of us realized the impact it has had on small, underprivileged nations like Malawi.
It was expected that the GFC would rock Malawi because 4% of their GDP comes in remittances from nations such as the US. It was anticipated that a drop in investment, Gifts and exports of tea and tobacco would impact on the poverty stricken nation.
Luckily Malawi, was able to avoid much impact from the crisis and the economy is growing. According to Anita Last at Standard Bank, the GDP growth averaged 7.6% over 2009.
Ms Last wrote that while the economy is vulnerable, and needs continued improvements in infrastructure, the outlook for 2010 is a continued, although slowing, growth.