STAFF WRITER
NAMIBIA is now a lower middle income earning country, the latest report from the World Bank says.
According to the latest classification released by the World Bank Namibia was the only country whose classification moved downward this year, from the “upper-middle income” to the “lower-middle income” category.
In 2024, Namibia’s GDP grew 3.7%, a 0.7-point deceleration from 2023. Inflation (based on the GDP deflator) slowed from 6.6% in 2023 to 3.3% in 2024.
“One of the main factors behind the slower GDP growth was a sharp deceleration in mining and quarrying, for which growth went from +19.3% in 2023 to -1.2% in 2024 due to weak demand for diamonds. Population data was adjusted upwards by the United Nations Population Division (+13.8% for 2023), leading to a 12.9% decrease in the Atlas GNI per capita,” the report said.
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