Namibian Economy: Recent Developments and Future Expectations
Journal of Social and Economic Policy, Vol. 7, No. 1, pp. 129-142, 2010
Posted: 1 Nov 2010
Date Written: June 30, 2010
Namibia celebrated its 20th birthday in 2010. The tertiary sector in Namibia contributes more than 50 per cent to GDP, followed by primary and secondary industries. Mining and quarrying account for about 13 per cent of GDP, compared with 6 per cent and 4 per cent for agriculture and fisheries, respectively. However, it’s been suffering with 51.2 percent unemployment. Tourism is the third largest foreign exchange earner after diamond and fish exports. Although agriculture contributes only about 6 per cent to GDP, it is an important sector in terms of employment opportunities. About 29 per cent of the total population indicated subsistence farming as their main source of income, while in rural areas the corresponding figure is 48 per cent. The Namibian economy has been facing immense challenges since its independence. This paper highlights various challenges while addressing the main features of the Namibian economy. An attempt is made to provide the recent trends and future expectations of this young African nation.
Keywords: Namibia, Economic growth, exports, employment, foreign exchange, Macroeconomic policy
JEL Classification: E22, E24, E44, E63
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