Namibia’s economic prospects amid worldwide stability

Namibia’s economy is projected to slow down to 3.7 percent in 2024 before showing a slight improvement in 2025.
This came out of the Bank of Namibia’s annual diplomatic stakeholder engagement held on Tuesday at the Bank of Namibia.
The engagement focused on fostering open dialogue by updating stakeholders on recent domestic economic developments in the domain of the central bank.

This is linked to a slowdown in the mining industry’s numerous subsector a decline in worldwide demand, and crop farming operations being impacted by the drought.

Notwithstanding these obstacles, long-term growth is anticipated to be driven by consistent investment in energy (oil and gas, green hydrogen), as well as in the extraction of important rare earth minerals
The world economy is expected to grow steadily at a rate of 3.2 percent in 2024 and 2025, demonstrating its extraordinary durability.
Though the world economy is predicted to decline to 4.5 percent in 2025 and 5.9 percent in 2024, global inflation is likely to be high. The impact of diminishing goods and energy pressures on inflation was also discussed, with most major economies predicted to reach central bank targets by 2025.

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