The Bank of Namibia (BoN) expects Namibia’s economy to grow by 3.5% in 2024.
This growth forecast, following a 4.2% expansion in 2023, comes amid challenges caused by weak demand for minerals, drought conditions, and declines in diamond production and crop cultivation. However, strong performances in gold mining, livestock, healthcare, and retail trade led to an upward revision of the previous growth forecasts.
The Bank of Namibia (BoN) also expects global economic growth to decrease from 3.3% in 2024 to 3.2% in 2025. Global inflation and geopolitical risks are seen as the main factors driving the slowdown, with growth deceleration in major economies such as China and India expected to impact emerging markets, including Sub-Saharan Africa. Kazembire Zemburuka noted that while Namibia’s economic growth shows resilience in key sectors, risks such as global commodity demand and drought continue to threaten growth.
