Economic Growth

IMF Adjusts Growth Forecasts, Cautions on Global Risks

The International Monetary Fund has raised its growth forecast for the United States but lowered its outlook for China, citing concerns over conflicts, trade tensions, and high interest rates. In its World Economic Outlook released on Tuesday, the IMF predicts global GDP will remain steady at 3.2% for this year and next. Finance leaders are convening in Washington DC this week for the IMF and World Bank annual meetings. From […]

23 October, 2024

Namibia

Swapo promises 250,000 jobs for youth

With Namibia facing high unemployment levels and political parties ramping up their campaign efforts to sway voters, the Swapo Party’s presidential candidate, Netumbo Nandi-Ndaitwah, has announced that the party has allocated over N$80 billion to create more than 250,000 jobs for unemployed youth in the country over the next five years.

22 October, 2024

Business / Economics

Bank of Namibia reduces repo rate to 7.25%, offering relief to consumers

The Bank of Namibia has announced a 25 basis point reduction in the repo rate, bringing it down to 7.25 percent. This decision follows an extensive review of domestic, regional, and global economic conditions. Speaking at the monetary policy announcement, BoN Governor Johannes !Gawaxab emphasized the need to moderate monetary restrictions due to slowing economic growth and declining inflation. "Domestic economic activity rose during the first eight months of 2024, […]

16 October, 2024

Africa

World Bank cuts Africa growth forecast

The World Bank has downgraded its economic growth forecast for sub-Saharan Africa. Bloomberg reports that Sub-Saharan Africa will likely grow 3% this year, somewhat lower than an April forecast of 3.4%, the Washington-based lender said in its Africa Pulse report published Monday. The slower growth rate was largely blamed on the conflict in Sudan which started 18 months ago and has continued to escalate.

15 October, 2024

Business / Economics

SA’s Ramaphosa sets 2 trillion rand investment target by 2028

South African President, Cyril Ramaphosa has set a new investment target of two-trillion-rand by 2028, following the early achievement of the country’s previous 1.2-trillion-rand goal. Speaking at the SA-US business forum, Ramaphosa invited US investors to explore opportunities in sectors like renewable energy, manufacturing, and infrastructure.

24 September, 2024

Business / Economics

Namibia Statistics Agency records slow economic activity in Q2

The Namibia Statistics Agency has released the official GDP figures for the second quarter of 2024, covering economic activity from April to June. The economy grew slowly, with secondary industries showing only 1.5 percent growth compared to 7.1 percent in the same quarter of 2023. This slow growth was evident in the "Electricity and Water" sector, which grew by 4.1 percent, and the Manufacturing sector, which grew by just 0.6 […]

19 September, 2024

Business / Economics

NSA informal cross-border trade study reveals gender disparities

The Namibia Statistics Agency (NSA) has released the findings of a study conducted in November 2023 on informal cross-border trade. According to the report, Namibia exported goods valued at N$9.1 million and imported goods worth N$1.2 million during the period under review. The NSA's Executive for Economic Statistics, Abel Sindano, emphasized the importance of informal cross-border trade in the region. He said that it plays a critical role in sustaining […]

18 September, 2024

Local

AU MSME gathering explores finance accessibility

Namibia is currently hosting the third Annual African Union Micro, Small, and Medium Enterprises (AU MSME) Forum, running from Monday, 9 September 2024, to Friday, 13 September 2024, in Windhoek. This marks the first time the Forum is being held in Namibia and Southern Africa, with the Namibia Investment Promotion and Development Board (NIPDB) spearheading the event, alongside private sector sponsors. Entrepreneurs from all 54 African countries, along […]

12 September, 2024

Namibia

Growing BRICS could surpass the Economic Size of the G7

Opinion Piece by Josef Kefas Sheehama It is not surprising that the BRICS plus will usher in a new economic order if the group of seven (G7) does not pull up its shocks, as the group's expansion presents new economic opportunities for developing countries. There is no doubt that the establishment of the BRICS represented a major step forward in the long-term process of member countries' integration, both […]

4 September, 2024