Despite economic challenges, Namibia has displayed resilience, with an estimated growth rate of 3.5% in 2023.

The public debt stock is expected to reach N$153.8 billion of the gross domestic product (GDP), showing a slight improvement from the previous year.

This was revealed by Finance Minister Iipumbu Shiimi during the 2023–24 Budget Mid-Year Review.

In his speech, Minister Shiimi acknowledged the growing costs of servicing the national debt and reaffirmed the government's commitment to stabilising debt growth and preserving fiscal stability.

He highlighted the central government's dedication to bolstering oversight of public enterprise governance, ensuring fiscal sustainability, and addressing concerns about financial exposure.

"The domestic economy remains resilient despite vulnerabilities in the global economy. Growth in the Namibian economy is estimated at 3.5% in 2023, before slowing to 2.9% in 2024. This is an upward revision from the forecasts in the main budget of 3.2% and 2.2%for 2023 and 2024, respectively. The growth update was considered."

Namibia's National Housing Policy was presented as a promising solution to tackling the housing backlog, offering affordable and suitable housing opportunities for the citizens.

Furthermore, the minister stated that the government is implementing the Economic Diversification and Growth Strategy, with a particular focus on high-value fruits, the beef value chain, and film and television.

Various structural and policy reforms are in progress, including consultations for a Public Enterprises Ownership Policy and support for small and medium enterprises.

"In a bid to enhance tax competitiveness, the government is set to renegotiate Double Taxation Agreements and provide tax relief for both individuals and businesses."