Finance Minister Ipumbu Shiimi said Namibia needs to diversity the economy to produce sophisticated and diverse products and ease dependency on commodities. Shiimi said margins derived from commodities are small and countries who merely depend on such goods do not become rich. Shiimi said the revised negative outlook on the global economy by the International Monetary Fund (IMF) will have serious consequences on the public fiscus. According to Shiimi, the revised global economic projections are worse than expected. As such, he emphasised that figures in his recently tabled budget are due to change as a result of the revised negative outlook due to the ever-changing global economy. Meanwhile, Trade and Industrialisation Minister, Lucia Iipumbu also revealed plans to table the Namibia Investment Promotion Act before the end of this financial year. They made the remarks at a business meeting organised by the Namibia Chamber of Commerce and Industry (NCCI) on rebooting the domestic economy post the COVID-19 pandemic.