Analysis by Region - Emerging Markets - Namibia

Analysis by Region - Emerging Markets - Namibia

On the back of heightened interest in the exploration of Namibia's oil and critical mineral resources, increases in mining activity, wholesale & retail sales, and transport services have driven robust economic growth. The better-than-expected real GDP results in H1 prompted us to raise our 2023 economic growth forecast to 3.8% from 3.1%. Nevertheless, we forecast real GDP growth to slow to 2.2% in 2024 as the expected global growth slowdown will weigh on Namibian exports while elevated domestic interest rates will curb private consumption.