THE PUBLISHED data by International Monetary Fund,IMF, has ranked Malawi as the third poorest country in the world.
Reacting to the development ,Dedza East Constituency Member of parliament, Juliana Lunguzi has expressed shock over the development.
“Ranked 3rd poorest country in the world. Looking at the countries in that category, Malawi is the only one that has never been at war,” Lunguzi explained.
“In other words, when you eliminate those countries whose poverty could be argued to be partially as a result of civil wars, Malawi is the number one poorest country among countries that have never suffered from war,” she added.
Top two poorest countries in the world are South Sudan and Burundi respectively.
Twice a year the IMF releases a huge dump of data about the economic power of the world’s nations, with gross domestic product (GDP) per capita a key statistic.
The IMF ranks the world’s countries according to purchasing power parity (PPP) per capita.
The PPP takes into account the relative cost of living and the inflation rates of the countries to compare living standards among the different nations.
Most of the countries populating the top of this ranking are under authoritarian regimes where corruption is rampant. This a big deterrent to foreign investors, even if some of those countries have huge amounts of natural resources.
The shocking data is coming at a time when Government of Malawi is claiming that economy is on-track.