Does Namibia have a good economy?

Economy of Namibia. Nominally, Namibia is a lower-middle-income economy with a per capita gross domestic product (GDP) that is significantly above average for countries in sub-Saharan Africa.

What is the GDP of Namibia in 2021?

Namibia: Gross domestic product (GDP) in current prices from 1996 to 2026 (in billion U.S. dollars)

Is the Namibian economy stable enough?

Progress toward reducing inequality has been slow and as a result, Namibia remains one of the most unequal countries in the world. Namibia’s past steady economic growth has not been enough to deal with the country’s triple challenge of high poverty, inequality, and unemployment.

How is Namibia doing financially?

The economy is projected to grow by 2.6% in 2021 and 3.3% in 2022, on the back of a steady recovery in financial services, tourism, retail and wholesale trade, and the mining industries—combined with an improvement in the regional and global economic environment.

Is Namibia a 3rd world country?

The World Bank classifies Namibia as upper middle income, but the authorities insist that theirs is in fact a developing country. Namibia certainly has some of the difficulties we associate with less-developed economies. It has to develop a very large and arid country with a small population.

Is Namibia more developed than India?

Namibia has a GDP per capita of $11,200 as of 2017, while in India, the GDP per capita is $7,200 as of 2017.

Why is Namibia successful?

A big reason for Namibia’s success has been the government’s focus on education. While people in advanced countries take for granted free primary and secondary education, in many poor countries, secondary education, and even primary schools, require tuition.

What is the average annual growth rate in Namibia?

GDP Annual Growth Rate in Namibia averaged 3.09 percent from 1990 until 2021, reaching an all time high of 21 percent in the third quarter of 2004 and a record low of -12.40 percent in the third quarter of 2020.

What is the current economic situation in Namibia?

Namibia GDP Annual Growth Rate The Namibian economy contracted 2.0 percent year-on-year in the first quarter of 2019, the most since Q4 2017, after an upwardly revised 1.9 percent decline in the previous period.

What are the advantages of living in Namibia?

Economic Growth and Trade. In seeking to spur economic growth, Namibia has much in its favor. Among its strengths are political stability, and highly developed infrastructure by regional standards, including a port that is a gateway to southern African markets, well paved highways, and a modern telecommunications system.

What are Namibia’s strengths?

In seeking to spur economic growth, Namibia has much in its favor. Among its strengths are political stability, and highly developed infrastructure by regional standards, including a port that is a gateway to southern African markets, well paved highways, and a modern telecommunications system.