The economy is mostly export-driven. Mining, fishing, tourism, and agriculture are Namibia''s key industries. While the United States is among Namibia''s top ten trading partners, imports into Namibia are dominated by South Africa, which is the source of 60 percent of Namibia''s total imports.
The Namibian economy grew an estimated 4.2% in 2023, down from 5.3% in 2022, owing to weak global demand and contraction in agriculture. Inflation moderated slightly from 6.1% in 2022 to 5.9% in 2023 as demand for Namibian diamonds slowed.
The GDP (gross domestic product) in Namibia is forecast to amount to US$12.77bn in 2024. The consumer price index in Namibia is expected to be 134.90 by 2024. The general government gross debt...
We expect that Namibia''s current account deficit will narrow from 13.0% of GDP in 2022 to 12.5% in 2023 as the import bill declines more sharply than export receipts. We see the deficit remaining stable at 12.5% of GDP in 2024, as a further improvement in the trade balance is offset by rising services imports related to oil and gas
According to the International Monetary Fund (IMF), Namibia''s real GDP growth is expected to reach 3% by 2024, which is good news for Namibian individuals and businesses alike. Certain industries that contribute positively, including agriculture, mining, and tourism, are anticipated to propel this growth.
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The Macroeconomic Indicators provide a comprehensive look at past, current, and anticipated economic situations, as well as performance in a global comparison. These indicators are helpful for understanding the complexity of economic events as well as making both short- and long-term business decisions.
Regional Economic Growth and Disparities: Emerging economies in Asia are seeing substantial GDP growth, significantly driving global expansion. In contrast, Europe and North America are experiencing slower but steady growth. These differences reflect varying levels of economic development and influence investment opportunities. Understanding these regional disparities is crucial for making informed investment and policy decisions.
Global Economic Interconnectivity: The global economy is highly interconnected, meaning economic issues in one region can quickly spread to others. A slowdown in a major economy can lead to reduced international trade and market instability. This interconnectedness highlights the importance of global cooperation to manage economic challenges and maintain overall stability. However, globalization in its current form is threatened by new tariffs and similar protectionist measures aimed at nurturing local industries at the expense of international competitors.
Challenges in Public Finance Management: Governments face significant challenges in managing public finances, particularly during economic downturns. Balancing budgets and managing debt are critical tasks that require careful planning and strategy. Effective fiscal management is essential for ensuring economic stability and supporting sustainable growth.
Inflation and Its Impact: Inflation reduces consumers'' purchasing power and impacts business profitability by increasing costs. Rising prices make everyday goods and services more expensive, while businesses must navigate higher operational costs. Policymakers must carefully manage inflation to balance economic growth with price stability.
The dataset encompasses data from 152 countries. The charts depict the situation of each country in six different domains. These domains are socioeconomic indicators, macroeconomic indicators, health indicators, digital and connectivity indicators, consumption indicators, as well as logistics and transport indicators. Within these domains, various segments are covered, including demography, economic measures, economic inequality, employment, consumption, health determinants, and much more.
The data is updated twice per year or every time there is a significant change in their dynamics. The impacts of the COVID-19 pandemic and of the Russia/Ukraine war are considered at a country-specific level.
The global economy is facing a new set of challenges in 2023, as inflation, geopolitical tensions, and the ongoing signs of the COVID pandemic continue to affect countries worldwide. Namibia is no exception, and the domestic economy is expected to experience steady but slow growth in the next few years.
Namibia is blessed with an abundance of natural resources, and the mining industry is another major contributor to the economy of the country. The increased demand for minerals such as uranium, gold, and diamonds is expected to drive the industry’s growth over the next few years. In addition, the government has implemented policies to attract more investment in the sector, which in turn can create additional employment opportunities and stimulate economic growth.
Namibia is known for its breathtaking landscapes and diverse wildlife; as a result, the tourism industry is a significant source of employment and foreign exchange for the country. Like many countries globally, the sector was negatively impacted by the health pandemic, leading to reduced tourism revenues and decreased investment spending. Until the devastating 2020 fall in GDP to 9.8%, this productive sector had shown continued growth.
According to the World Travel and Tourism Council (WTTC), travel and tourism contributed approximately 14.7% of the GDP in Namibia, and 15.4 % to total employment in 2019. However, despite the COVID-19 damage, international tourist arrival trends to Namibia from January to December 2021 indicated that 37.81% of the lost market was regained when compared to 2020 figures, and the year 2022 delivered continued international arrivals.
In 2023, high unemployment rates are expected to persist in Namibia. According to global macro models and analysts at Trading Economics, the youth unemployment rate in Namibia is projected to be around 47.4% in 2023. This may limit the consumer spending growth in a small country like Namibia and reduce prospects for discretionary consumer categories.
The statistic implies that more than half of Namibia’s economically active population will not be employed, resulting in significant social, political, and economic consequences. High unemployment can lead to social exclusion, increased crime, economic hardship, loss of human capital, and social instability. It is critical to address this issue comprehensively and effectively in order to mitigate its negative impacts on society.
Currency volatility also poses a significant risk in Namibia, due to fluctuations between the South African Rand and major currencies such as the US Dollar and the Euro. The depreciation of the Namibian dollar against the US dollar is expected, with the exchange rate forecast to reach 17.48 NAD/USD from 16.4 NAD/USD in 2022. This will result in increased import prices and a more challenging economic environment for consumers in 2023, as the country relies heavily on imports to meet domestic economic activity.
According to the latest Fitch Solutions Country Risk and Industry Research Report, growth is projected to be limited, at 0.1% year-over-year, and real household spending will remain below pre-pandemic levels. The report highlights that the short- to medium-term outlook (2023-2024) will be challenging, despite slightly lower inflation providing relief to consumers.
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