Big brother’s watching

The global economy is expected to grow at a much slower rate of 3.5%. Much lower than the 4.5% estimated earlier by the IMF, the estimates propose a gloomy horizon yet again for the world economies.
Economy Watch, which is a quarterly compilation of economic data by the Institute of Public Policy and Research, highlighted that the Eurozone is still under recession with growth levels of -0.2%. Germany’s economy, although subdued, still stands aloof of the impeding crisis with growth levels of 0.6%. The Asian economies remain key drivers of global growth with China expected to grow by 8.2% and India at 5,9%. From the African continent Sub-saharan Africa is expected to grow at 5.8%. 0.3 basis points higher than was initially planned.
Namibia’s growth for 2012 was recently announced at 5% by the Namibia statistics agency as a result of increased output from the mining sector specifically diamond and uranium. Annualised inflation rates seem to be on an upward trend from 2010. Food and non alcoholic beverages, which are a large subset of the total composite basket, have been the main drivers for inflation. According to Economy Watch, inflation in 2013 has been mainly influenced by food and housing. The report further added, “the decline in inflation rate in February to 6.2% from 6.8% in January 2013 was most likely temporary and does not herald a slowdown in price increases.”