Namibia optimistic on economic outlook for 23-24

Namibia recorded an estimated economic growth of 5.6 per cent last year and anticipates a growth of 4.0 per cent this year, according to Reuters citing the country’s finance minister’s announcement on Wednesday.

These figures mark an increase from the previous projections of 3.5 per cent and 2.9 per cent respectively, which were provided in October.

Ipumbu Shiimi, delivering a budget speech, attributed this robust growth to the positive momentum in the natural resources sector. He highlighted the continuing impact of petroleum exploration activities on domestic economic activities and the upsurge in uranium production following price hikes.

However, despite the optimistic economic outlook, Shiimi acknowledged persistent challenges such as high unemployment, poverty, and income inequality. He emphasised the need for urgent policy measures to diversify the economy beyond mining, underscoring its importance as a priority.