In-Depth Analysis
Namibia
Namibia is a small economy with an overreliance on certain key exports, namely diamonds, copper, and fish. Relatively large fiscal deficits since 2009 and challenges in narrowing the shortfall have caused rapidly rising government external debt levels. The country has low political risk, characterised by regular democratic elections, but recent corruption scandals have tainted its image as one of the least-corrupt African states.
An elusive economic rebound is forecast in 2020, but the recovery is expected to be weak and vulnerable to external events. Should the panic surrounding the novel coronavirus outbreak continue into H2 2020, the resulting hit to the mining and travel industries would probably keep the economy in recession. Continued global trade tensions and a weak outlook for world GDP growth, which has been exacerbated by the Covid-19 crisis, bode ill for export growth in 2020. (Source: Namibia Quarterly Update, March 2020)
Macroeconomic Data
(2019)
|
Fiscal Balance (as a % of GDP) |
-5.1 |
|
Consumer Price Index (% change y-o-y, avg) |
3.7 |
|
Current Account Balance (as a % of GDP) |
-2.7 |
|
Real GDP (annual % change) |
-1.7 |
|
GDP per capital, US$ |
5,009.8 |
|
Import Cover (months) |
4.1 |
|
Population, million |
2.5 |
| Total External Debt (as a % of GDP) |
69.8 |