Political stability and sound economic management have helped anchor economic growth and poverty reduction in Namibia. Growth has not been accompanied by job creation, however, and extreme social and economic inequities inherited from apartheid persist despite generous spending on social programs. The country is also vulnerable to short- and long-term environmental shocks as all major sources of growth depend heavily on Namibia’s fragile ecosystem.
Namibia has enjoyed a sustained period of strong growth. Between 2011 and 2015, the economy grew at an average annual rate of 5.6% per annum. Growth was driven by massive investment in extractive projects, strong export prices, rapid private credit growth, and a program of deficit-financed fiscal stimulus.
Last Updated: Apr 01, 2017