Namibia is a small open economy, a situation that necessitates a targeted and deliberate approach to facilitate inclusive and sustainable levels of economic growth to redress inequality, alleviate poverty and unemployment. The country is endowed with a thriving democracy built upon strong systems, processes and institutions that enable a robust macro-economic framework and ecosystem. Coupled with a well-articulated developmental vision, this results in meaningful opportunities and platforms for a collaborative approach to harnessing the economic potential of the country.
The EAP comprises of Three (3) Goals and Sixteen (16) Activities that aim to strengthen the stewardship of our natural resources, enhance the productivity of key sectors and develop complementary engines of growth and ultimately, new employment opportunities and macro-economic sustainability. The impressive portfolio of natural resources have attracted investments into a competitive and dynamic mining sector, which has long been the engine of growth and should continue alongside the ongoing economic diversification strategy.
Despite unprecedented economic headwinds and recurrent droughts experienced during HPPI, the Plan made meaningful strides in consolidating the fiscal position of Government. An enabling environment for small, micro and medium enterprises has been fostered with N$128 million to capitalize the MSME Financing Strategy. To institute economic growth enablers, the Namibia Industrial Development Agency was created, and the Business and Intellectual Property Authority Act promulgated. These achievements amongst others were helpful. However, the broader economic environment remains constrained as a result of various independent intervening variables, including COVID-19, which necessitates resilience and innovation to achieve our development objectives.