Namibia economy expected to grow 2.8 pct in 2022: minister

WINDHOEK, Oct. 26 — The Namibian economy is expected to grow by 2.8 percent in 2022, before expanding further by 3.4 percent in 2023, Finance Minister Iipumbu Shiimi told lawmakers in Windhoek, the Namibian capital, on Tuesday.
Presenting the 2022-23 Mid-Year Review Budget Statement, Shiimi said this is a marginal revision from the forecasts in the main budget of 2.9 percent for 2022 and 3.7 percent in 2023.
“Risks to the domestic economy remain elevated and the near-term fiscal policy path continues to be clouded by pressure from the lingering effects of the pandemic and further compromised by the economic consequences of the conflict in Ukraine, as well as elevated global inflation,” Shiimi said.
According to Shiimi, overall, the budget deficit is projected to decline to about 5.3 percent of GDP in the 2022-23 financial year compared to 5.6 percent estimated in the main budget in February 2022. The public debt stock is expected to increase to 69.6 percent of GDP in the 2022-23 financial year.
Going forward, Shiimi said the 2023-24 financial year fiscal strategy will center on maintaining prudent expenditure management and promoting economic recovery.
“Accordingly, the government will focus on entrenching fiscal sustainability and stabilizing the pace of debt accumulation. At the same time, the government will continue to address the binding constraints to creating a conducive operating environment for the private sector to drive sustainable growth,” he said. (Xinhua)