• Peter Mutharika declared winner in Malawi presidential election with 57% of the vote.
• Lazarus Chakwera concedes defeat, receiving 33% of the ballots.
• Malawi faces economic crises including high inflation and severe shortages of fuel and food.
• Mutharika's campaign focused on restoring economic stability and tackling corruption.
• Celebrations erupt in Malawi as Mutharika supporters express hope for economic recovery.

Peter Mutharika has been declared the winner of the Malawi presidential election, securing approximately 57% of the votes, while incumbent President Lazarus Chakwera received 33% and conceded defeat. This marks a significant political comeback for Mutharika, who previously served as president from 2014 to 2020 and now inherits an economy in deep crisis with high inflation and severe shortages of fuel and food, according to Africanews and BBC.

In a televised address, Chakwera congratulated Mutharika on his "historic win," admitting that Mutharika had gained an "insurmountable lead." His concession was framed as a reflection of the citizens' collective will for change, indicating widespread frustration with his governance amid soaring living costs, according to Reuters and South China Morning Post.

Mutharika's campaign focused on a promise for economic recovery, criticizing Chakwera's management amid recent crises like a cyclone and widespread drought that have plagued Malawi, leading to inflation rates exceeding 28%. Analysts suggest that voters were drawn to Mutharika's past successes in lowering inflation and increasing agricultural productivity during his previous term, despite his administration being marred by corruption allegations, according to India Times and Africanews.

Borne from widespread economic hardship, Chakwera’s administration has faced critique for its handling of inflation that surged during his tenure from 9.9% to over 30%. This unrest has become a focal point for voters, leading to calls for more decisive economic policies from the incoming administration, as noted by local stakeholders and experts, according to India Times.

As Mutharika prepares to take office once more, citizens are hopeful for improvements in the price of basic goods such as fertilizer and stabilizing the country's economy, reflecting a blend of optimism and skepticism about his leadership capabilities at age 85. The swearing-in ceremony will take place within the next few weeks, according to Africanews and BBC.