Post-pandemic economic recovery exceeds expectations – reports IMF

By:Hertha Ekandjo

NAMIBIA’S economy has not only bounced back to pre-pandemic levels but has potentially surpassed them, driven by a robust resurgence in mineral production.
Thanks to sustained growth in the mining sector and a revival in tourism, the real Gross Domestic Product (GDP) surged to 4.6% in 2022.
Economic activities are projected to surpass pre-pandemic levels in 2023, with an expected growth rate of 3.2%, according to JaroslawWieczorek, Chief of Mission for Namibia at the International Monetary Fund (IMF).
Wieczorek noted the emergence of new projects that could potentially lead to a structural transformation of Namibia.
These include experiments in oil exploration and preparations for green hydrogen, both of which, though not major contributors to GDP currently, hold promise for future economic activities and foreign direct investment.
The IMF also highlighted an improvement in Namibia’s fiscal situation in the 2022/2023 financial year, despite a weaker performance in Southern African Customs Union (SACU) revenues.
This was attributed to the government’s efforts to control expenditure.