The domestic economy is expected to expand by 3.7% in 2024 and is forecast to further grow by 4.1% in 2025, indicating a positive trajectory for the country's economic landscape.

This projection was given in the Bank of Namibia's (BoN) Economic Outlook update for March 2024, shedding light on the nation's economic prospects.

On a global scale, the economic outlook remains tepid for 2024, with a slight improvement anticipated in 2025. This projection, the central bank says, is influenced by factors such as elevated central bank policy rates to combat inflation.

Financial instability, compounded by low economic growth, is the biggest challenge facing municipalities in southern Africa. 

The South African Local Governance Association President, Stofile Bheke, said this while addressing attendees at the Local Economic Development Indaba held at Luderitz. 

The Association of Local Authorities in Namibia organised the four-day Indaba to examine and explore practical ways that local authorities can expand their revenue streams.

Namibia recorded positive economic growth in 2022, despite the impact of adverse economic conditions.

This, according to Economist Ruusa Nandago, is largely due to a 22% increase in the mining sector.

Many Namibians experienced the devastating impact of income loss due to numerous economic shocks across the world over the past three years.

Meanwhile, Namibia's mining sector saw the commissioning of the biggest diamond vessel yet built, as well as high commodity prices and export earnings.

The Mobile Telecommunications Company (MTC) achieved profitable growth and increased its infrastructure investment during 2022 as its customer-centric digital transformation strategy delivered value.

The company's revenue has grown from N$25,6 million in 2021, to N$52,9 million in 2022. 

MTC achieved satisfactory growth in revenues from its traditional operations, with increased revenue from prepaid services more than compensating for lower postpaid revenue.

The Minister of Works and Transport, John Mutorwa, says the aviation industry is in need of a unified approach to survival and growth, following the outbreak of the COVID-19 pandemic.

Mutorwa said this at the opening of the Aviation and Connectivity Forum, where he was joined by the Finnish Minister for Development Cooperation and Foreign Trade, Ville Skinnar.

The Non-banking financial sector assets have grown by 14% despite an economic downturn, which translates to N$370 billion as of December 2021.

The Chief Executive Officer of the Namibia Financial Institutions Supervisory Authority (Namfisa), Kenneth Matomola, revealed this during the launch of its 2022 annual report.

Matomola says the increase in the total of the sector's assets was due to improved performance in the equity markets and does not pose risk to the financial system.