BoN’s 20th annual symposium opens

Namibia must move away from selling minerals and primary products and produce complex goods to enable itself to advance from middle-income status to an advanced economy.

Bank of Namibia Governor, Iipumbu Shiimi said this during the opening of the central bank's 20th annual symposium in Windhoek today, which is being held under the theme: 'Escaping the middle-income trap: A perspective from Namibia.'

He said there are concerns that Namibia is struggling to advance to advanced economic status and economic growth is almost non-existent due to the prolonged recession.

The BoN governor said irrespective of whether the country is stuck in middle-income status, there are opportunities for it to advance to upper-income status.

However, this calls for dialogue on how Namibia can attract the private sector both locally and internationally to invest in the production of complex goods for exports Namibia should also look at advanced economies - how they are doing it (growing their economies), Shiimi stated.

Source: Namibia Press Agency