Namibia’s economic recovery continued in the first half of 2022, but it has been uneven, with several sectors lagging. Real GDP growth increased to 5.3% Y-o-Y in Q1—supported by stronger activity in the mining, manufacturing, and financial service sectors—but has since slowed. Momentum in mining was sustained into the second quarter, with diamond production increasing by 50% in the first half of 2022. The effects of the pandemic on economic activity have waned, with all remaining COVID-19-related restrictions removed in July 2022. GDP growth for 2022 is projected at 2.8%.

Leading up to 2015, Namibia’s economy experienced strong growth, averaging nearly 5% annually, fueled by investment and enabled by prudent economic management. Growth stagnated from 2016 onwards, and three of the last five years have been marked by recession, with a sharp contraction in 2020 amid the COVID-19 crisis. This is an extract from the World Bank's newsletter.

During GEW 2022, we are going to meet and greet the champions who are driving the economy of Namibia and Africa. do not miss celebrating the spirit in which they operate. Learn and apply to your own company. See you there!