Former Malawi President Peter Mutharika has been re-elected with 56.8 percent of votes in last week's polls that was marked by the dire state of the economy, the election commission has announced.
Incumbent President Lazarus Chakwera took 33 percent of ballots cast on September 16, the authority announced on Wednesday.
Earlier on Wednesday, Chakwera conceded defeat to his predecessor Mutharika, 85, in the largely poor Southern African nation, battered by soaring costs and severe fuel shortages.
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"It is only right that I concede defeat out of respect for your will as citizens and out of respect for the constitution," Chakwera, 70, said in an address.
"It was clear that my rival Peter Mutharika has an insurmountable lead over me," he added.
"In the days that remain, I want you to know that I am committed to a peaceful transfer of power," Chakwera said.
Last week, citizens took to the polls to vote on the country's next leader, in a vote that analysts predicted would be one of the most tightly contested elections in the country in recent history between Mutharika and Chakwera, the candidates of the two biggest parties in Malawi's parliament.
However, the dire state of the economy dominated the election, with critics accusing the president of mismanagement and indecisiveness.
Since Chakwera was elected in 2020, the country has experienced economic stagnation.
Costs soared in the impoverished agricultural nation, with inflation reaching 33 percent and the price of food, maize and fertiliser increasing.
According to the World Bank, nearly three-quarters of Malawians live below the $3 a day poverty line.
According to the bank's estimates, about half the country's population does not receive the minimum number of calories required for adequate nutrition.
Chakwera also promised to crack down on corruption when he was elected, but critics have accused his government of dealing with cases slowly and selectively.
In comparison, former law professor Mutharika was credited with improving infrastructure and lowering inflation during his presidency from 2014 to 2020. However, critics accused him of cronyism, which he denied.
In 2019, Mutharika's 2019 election victory was annulled by a constitutional court due to irregularities, including the use of correction fluid on results sheets.
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In the rerun the following year, Chakwera secured his victory.
