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Bank of Namibia

Summary

Find out more about Parliamentary Standing Committee Engagement.

Parliamentary Standing Committee Engagement
13 June 2024 | Media Release
 

In line with the statutory reporting requirements set forth in the Bank of Namibia, 2020 (Act No.1 of 2020), the Governor of the Bank of Namibia (BoN), Mr. Johannes !Gawaxab appeared before the Parliamentary Standing Committee on Economics and Public Administration to report on the current operations and affairs of the Bank, the state of the economy, the conduct of monetary policy, amongst other emerging matters over the past year.

The Governor provided an update on the outlook for the domestic and global economies. Domestically, GDP growth is projected to slow to 3.7 percent in 2024 due to factors such as drought and weak global demand for minerals. However, a recovery to 4.1 percent is anticipated in 2025. Globally, the economy is expected to grow at a steady pace in 2024 and 2025, with advanced economies likely to see modest improvements in growth. Emerging markets and developing economies are projected to maintain stable growth rates. Nonetheless, global growth remains below the pre-pandemic average, posing challenges for Namibia's export-driven sectors.

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