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

See all articles by Ravinder Rena

Ravinder Rena

Papua New Guinea University of Technology; Polytechnic of Namibia; University of the Western Cape; North-West University; Papua New Guinea University of Technology

Date Written: June 30, 2010

Abstract

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

Suggested Citation

Rena, Ravinder, Namibian Economy: Recent Developments and Future Expectations (June 30, 2010). Journal of Social and Economic Policy, Vol. 7, No. 1, pp. 129-142, 2010. Available at SSRN: https://ssrn.com/abstract=1700650

Ravinder Rena (Contact Author)

Papua New Guinea University of Technology ( email )

Private Mail Bag 411
Lae, Morobe 411
Papua New Guinea

HOME PAGE: http://www.unitech.ac.pg

Polytechnic of Namibia ( email )

13 Storch Street
Private Bag 13388
Windhoek, Khomas 13388
Namibia

HOME PAGE: http://www.polytechnic.edu.na

University of the Western Cape ( email )

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Economics, Faculty of Economic and Management Scie
Bellville, Western Cape 7535
South Africa
0027219593624 (Phone)
0027219593201 (Fax)

HOME PAGE: http://www.uwc.ac.za

North-West University ( email )

Hoffman Street
Potchefstroom, 2520
South Africa

HOME PAGE: http://www.nwu.ac.za

Papua New Guinea University of Technology ( email )

Private Mail Bag 411
Lae, Morobe 411
Papua New Guinea

HOME PAGE: http://www.unitech.ac.pg

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