Namibia:2022 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Namibia

Author: International Monetary Fund. African Dept.

Namibia: 2022 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Namibia: Namibia: 2022 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Namibia

Volume/Issue: Volume 2022 Issue 364

Publication date: December 2022

ISBN: 9798400226311

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Topics covered in this book

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Exports and Imports , Finance , Economics- Macroeconomics , Money and Monetary Policy , Public Finance , Business and Economics - Statistics , International - Economics , targeted reform agenda , authorities project SACU revenue , transparency policy , tertiary sector , FAD TA , IMF team , Fiscal consolidation , Food prices , Global , Africa

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Summary

Namibia has been severely hit by the COVID-19 pandemic but has started to gradually recover. After a sharp contraction in 2020, with worsening fiscal imbalances and socio-economic disparities, a modest recovery began in 2021 and strengthened in the first half of 2022. Mining activity rebounded while manufacturing and tertiary sector activities gradually started to recover. Inflationary pressures have increased, as higher international oil and food prices due to Russia’s war in Ukraine were passed-through. The political context remains stable, with elections scheduled in 2024.