Namibia economy needs to diversify to find growth


Namibia needs to find ways of diversifying its struggling economy and cutting down the reliance on mining industry for sustenance, the vice chairperson of the Economic Association of Namibia (EAN), Nafiku Hamunime, said on Wednesday.

Hamunime was speaking at a panel discussion organized by the Hanns Siedel Foundation and the EAN to find ways of Namibia dealing with a continued economic depression that has been consistent for the past two and a half years.

Hamunime said Namibia’s economic challenges have been fuelled by both domestic performance as well as regional and global economic performance.

“The Namibia economy has been under pressure consistently for the past two years despite having sustained growth before. There is urgent need for the country to find ways to diversify the economy and not only rely on the extractive sector,” she said.

Hamunime said unemployment and poor performances by the different sectors contributed significantly to the poor performance by the Namibian economy which the central bank said will shrink further by 1.7 percent.

Nangula Uaandja, the deputy chairperson of the Namibia high level panel on economic growth, said Namibian economy needs to urgently look at ways of improving skills development.

Uaandja also bemoaned the high income inequality in Namibia, saying even if the economy performs well many poor people are still left out of the mainstream economy. Enditem

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