The Bank of Namibia has projected the economy to recover in the coming quarters with 2018 seeing a greater expansion, The Villager can report.
The local economy is projected to see a modest growth rate and recovery to 2.1 percent in 2017 before picking further up to 3.8 percent in 2018.
Deputy Director in the Corporate Communications Department of Strategic Communication and Financial Sector Development at the BoN, Kazembire Zemburuka says this will be driven by agriculture, mining as well as electricity and water sectors.
“Over the medium term from 2018 onwards, GDP growth will be supported by an expansion in uranium mining and slower pace of contraction in construction activity,” he says.
External factors like fragile global trade and a lackluster recovery in some of the advanced economies and leading emerging market economies will threaten the projected growth in the domestic economy.
While uranium will be Namibia’s major growth driver, weak global demand and slow recovery in commodity prices stand as a stumbling block.