World Bank2019-12-182019-12-182019-07https://hdl.handle.net/10986/33047Malawi’s economic growth has historically been undermined by exogenous, climate-induced shocks, as well as economic policies and management that have often exacerbated the impact of shocks. Yet since 2017, Malawi has been enjoying a period of economic stability, with double-digit inflation tamed, and a stable exchange rate for the first time since 2011. This is the first module of a programmatic Public Expenditure Review.CC BY 3.0 IGOPUBLIC EXPENDITURESPUBLIC SPENDINGFISCAL POLICYFISCAL TRENDSREVENUE MOBILIZATIONPUBLIC SECTOR WAGE BILLBUDGET EXECUTIONPUBLIC FINANCIAL MANAGEMENTDEBT SERVICE BURDENECONOMIC SHOCKSReportWorld Bank10.1596/33047