Minister of Finance, Economic Planning and Development Goodall Gondwe said it is not a surprise to note that Malawi still remains among 47 countries designated by United Nations (UN) as Least Developing Countries (LDCs)
A report that has been published by United Nations Conference on Trade and Development states that Malawi, alongside other 46 LDCs must develop the small and medium enterprises (SMEs) to meet the goals of the 2030 agenda for sustainable development if it is to foster efforts on ending poverty.
“It hurts me each time I see a report from outside the country that Malawi is the poorest country in Africa. We are determined that this should stop” said Gondwe. “Therefore the way to do it is to stand up and work hard and ensure that our economic growth is much higher than it was before”
Goodall admitted that the SMEs sector is one of the key areas in the economy but the environment has not been conducive enough cause of high interest rates. He hopes that Malawi could get out of LDCs by 2020 on account of continued economic growth due to reduced interest rates and reliable electricity.
The report also pointed out that governments in LDCs should, therefore, focus on boosting entrepreneurs and establish firms that size opportunities to create innovation products and services, employ more people and grow dynamic businesses that have a transformative ripple effect throughout the economy.