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Friday, 16 April 2010 11:03

Positive Trends in Namibian Economy

Windhoek, April 16 (Namibia Economist) - The Namibian economy is expected to grow and expand by about 4 percent in 2010, compared to the economic contraction experienced in 2009, which was the second ever contraction of the economy since the country's independence, according to Bank Windhoek's newly appointed economist, Dr. John Steytler.


In a statement issued by Bank Windhoek's marketing and corporate communication services this week, Steytler is optimistic about the recovery of the Namibian economy during 2010. "As Namibia is a very open economy, we were one of the countries in Africa that were most severely affected by the global economic recession during 2009.


"Our exports depend on what is happening on the global markets, and when the global economy went into recession demand for our key export commodities receded. There has been quite a global economic rebound and we should be in a position to benefit from this rebound", Steytler said.


He explained that the economic growth in the coming year will be supported by a rebound in diamond production, an expansionary budget and a lower interest environment. In general, he expects economic growth to be broad based, with all key economic industries, including the primary, secondary and tertiary sectors projected to record positive growth in 2010.


He added that: "In the longer term, it is expected that the Uranium sub sector will play an increasingly important role in the Namibian economy."


However, Steytler emphasized that people will not immediately feel the positive impact of the recovery because, according to him, "It will take a while for us to believe, that there is a recovery underway."



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