https://en.sputniknews.africa/20241202/namibian-economy-to-grow-by-35-countrys-central-bank-says-1069512714.html
Namibian Economy to Grow by 3.5% This Year, Country's Central Bank Says
Namibian Economy to Grow by 3.5% This Year, Country's Central Bank Says
Sputnik Africa
In March, the Bank of Namibia made projections of the economic growth in 2024. According to the organization's report, the figure was expected to reach 3.7%... 02.12.2024, Sputnik Africa
2024-12-02T16:35+0100
2024-12-02T16:35+0100
2024-12-02T16:36+0100
sub-saharan africa
namibia
southern africa
politics
economy
gdp
india
china
asia
economic growth
https://cdn1.img.sputniknews.africa/img/07e6/0b/17/1057068988_0:135:3000:1823_1920x0_80_0_0_ee7c6a2baaa9c16fe9b65c6c453f8cf4.jpg
Namibia’s economy is expected to grow by 3.5% in 2024 and 4% in 2025, the latest Economic Outlook update from the Bank of Namibia (BoN) said.The report, released on Monday, outlines global, regional and domestic factors influencing the economy. Global economic growth is expected to slow, with world GDP anticipated to dip slightly from 3.3% in 2023 to 3.2% in both 2024 and 2025. Inflation and geopolitical risks are the primary drivers of this slowdown, while major economies such as China and India are also experiencing slower growth, affecting emerging markets, including Sub-Saharan Africa. Domestically, Namibia’s growth is projected to ease from 4.2% in 2023 to 3.5% in 2024, attributed to weak demand for minerals, ongoing drought conditions, and declines in the diamond and crop farming sectors. However, stronger performances in gold mining, livestock farming, healthcare and retail trade have prompted an upward revision from earlier growth estimates of 3.1%. BoN’s Director of Strategic Communications and International Relations, Kazembire Zemburuka, said while Namibia’s economy shows resilience in key sectors, challenges like drought and global demand for commodities remain risks that must be addressed to sustain growth.
https://en.sputniknews.africa/20240603/namibia-establishes-national-minimum-wage-to-combat-inequality-and-poverty-1066856977.html
namibia
southern africa
india
china
asia
Sputnik Africa
feedback@sputniknews.com
+74956456601
MIA „Rossiya Segodnya“
2024
Namibia Press Agency (NAMPA)
Namibia Press Agency (NAMPA)
News
en_EN
Sputnik Africa
feedback@sputniknews.com
+74956456601
MIA „Rossiya Segodnya“
Sputnik Africa
feedback@sputniknews.com
+74956456601
MIA „Rossiya Segodnya“
Namibia Press Agency (NAMPA)
namibia, southern africa, politics, economy, gdp, india, china, asia, economic growth, drought, diamonds, crops, gold, minerals
namibia, southern africa, politics, economy, gdp, india, china, asia, economic growth, drought, diamonds, crops, gold, minerals
Namibian Economy to Grow by 3.5% This Year, Country's Central Bank Says
16:35 02.12.2024 (Updated: 16:36 02.12.2024) Namibia Press Agency (NAMPA)
In March, the Bank of Namibia made projections of the economic growth in 2024. According to the organization's report, the figure was expected to reach 3.7%. However, in a new report by the Bank of Namibia, which was published at the beginning of December, the economic growth figure decreased slightly.
Namibia’s economy is expected to grow by 3.5% in 2024 and 4% in 2025, the latest Economic Outlook update from the Bank of
Namibia (BoN) said.
The report, released on Monday, outlines global, regional and domestic factors influencing the economy. Global economic growth is expected to slow, with world GDP anticipated to dip slightly from 3.3% in 2023 to 3.2% in both 2024 and 2025. Inflation and geopolitical risks are the primary drivers of this slowdown, while major economies such as China and India are also experiencing slower growth, affecting emerging markets, including Sub-Saharan Africa.
Domestically, Namibia’s growth is projected to ease from 4.2% in 2023 to 3.5% in 2024, attributed to weak demand for minerals, ongoing
drought conditions, and declines in the diamond and crop farming sectors. However, stronger performances in gold mining, livestock farming, healthcare and retail trade have prompted an upward revision from earlier growth estimates of 3.1%.
BoN’s Director of Strategic Communications and International Relations, Kazembire Zemburuka, said while Namibia’s
economy shows resilience in key sectors, challenges like drought and global demand for commodities remain risks that must be addressed to sustain growth.
