World economy is collapsing and no single country has been spared.
In the words of Martin Luther King, countries are tied in the single garment called destiny. As he rightly said, what affect one directly affects all indirectly.
The impact of this economic meltdown is being felt by the economic tigers of this world and the so called third world countries.
But whose fault for the economic faltering is this? When you hear people talk about the struggling Malawi economy; if you don’t pay attention to the economic trend of the world you will think we are the only country struggling economically- worse still, you would think its President Lazarus Chakwera’s fault that we are in this problem.
But those honest enough would attest to the fact that the world is in bad shape economically, even those countries we admire to have robust economies are feeling the pinch. It comes as no surprise therefore to hear that countries like Netherland for example are heading for economic recession as inflation has reached uncontrollable levels.
According to Reuters, the Netherland is facing first recession since Covid-19 which has been driven by consumer spending and exports, as surging inflation drove up food prices and bills there.
Netherlands is the fifth growing economy in the Euro-zone. But the Dutch are not alone, countries like France and Britain have also been hit by hyper inflation and there have been growing fears in Britain that the country may plunge into recession too.
In recent years, the world has been hit by several perils. First was the Covid-19 pandemic. As the country was recovering from the devastating impact of that pandemic there came the Ukraine invasion which until to date world countries are reeling from its impact due to the disruption of the supply chain which saw the prices of essential items such as fuel and other food stuffs skyrocketing exponentially globally, resulting in these common place inflations.
Surely, these global shocks are not Chakwera’s making. In any case, he is one of the victims. Worse still, President has had other external shocks such as yearly tropical cyclones, the most destructive of them all being this year’s Cyclone Freddy which claimed so many lives, destroyed many infrastructures such as roads. All those affected Malawi’s economic growth. But amidst all these shocks the country is showing signs of economic recovery.
It will take time to recover fully but surely, we are on the right trajectory.