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.

Namibia's economy has expanded in the third quarter to 7.2%, compared to 5.4% in the corresponding period last year.

The growth is attributed to the mining and quarrying sector, which posted a phenomenal 51.7% growth in real added value.

This is revealed in the third quarter report of the Namibia Statistics Agency (NSA).

The highest revision of the third quarter was mining and quarrying, which recorded a robust growth of 20.3 percentage points, surpassing the 30.6% growth during the same period in 2022.

In cooperation with the UN in Namibia, the Bank of Namibia, the Ministries of Labour, Industrial Relations, Employment Creation, Industrialization, and Trade intend to conduct a study to comprehend the informal economy and its diversity, pinpoint solutions for related problems, and highlight opportunities for interventions.

Informal employment in Namibia has significant implications for people, enterprises, and the country's economy and social development.

Walvis Bay Mayor Trevino Forbes says the contribution of informal businesses to the economy of the town is valued.

Forbes says it is for this reason that the municipality, together with the Erongo Regional Council, has identified a piece of land and will soon construct an open market to support informal traders.

The mayor says the population of Walvis Bay has grown exponentially as people from all corners of the country flock to the harbour town each year in search of employment opportunities.