Namibia Unemployment Rate | Moody's Analytics [15] It has the second-highest Gini coefficient out of all nations, with a coefficient of 59.1 as of 2015. Kotze also said that Namibia's local economy had steadily declined since 2015, when it had grown by 4.3 percent. However, there are signs of improvement and opportunities for growth in certain sectors. Poverty rates are estimated to remain above pre-pandemic levels. This will result in increased import prices and a more challenging economic environment for consumers in 2023, as the country relies heavily on imports to meet domestic economic activity. There are also widespread credible allegations that the government is reluctant to collect taxes from mainly black-owned companies.Another grave factor for which the government must shoulder the blame is the corruption around tenders worth millions, if not billions, of dollars, to companies which have no capacity to create employment!Awarding megamillion-dollar tenders to investors and businesses or BBEs without the capacity to create jobs for our people is a political issue. The Namibian Mariculture: Productivity, Challenges and Opportunities Show publisher information Namibia - unemployment rate 2003-2022 | Statista The maximum rate was 37.6 % and minimum was 2.04 %. Advisory, technical assistance,andknowledge products envisaged in the CPS are grouped within two focus areas: (i) improving capacity for policy design and implementation in strategic areas; and (ii) increasing the private sectors ability to generate jobs and income. With IDAs help, hundreds of millions of people have escaped povertythrough the creation of jobs, access to clean water, schools, roads, nutrition, electricity, and more. The support includes conducting a baseline assessment of existing parliamentary digital processes, preparing a Namibia e-Parliament Reform Strategy, and implementing the reform strategy. Nowhere in the bill of rights does it state that the government must create employment. A report by the Bank assessed Namibias social assistance programs with a view to developing options to increase their impact through strengthened targeting and administration. Save my name, email, and website in this browser for the next time I comment. With 189 member countries, staff from more than 170 countries, and offices in over 130 locations, the World Bank Group is a unique global partnership: five institutions working for sustainable solutions that reduce poverty and build shared prosperity in developing countries. Perhaps the government should propose a stronger system of assessing unemployment in order to determine its causes and how to address it better. (May 10, 2023). Economy of Namibia - Wikipedia Despite the economic recovery in 2022, the socioeconomic situation did not improve significantly. This is according to our countrys statistics agency. Unemployment - The Namibian The lingering impacts of the pandemic, which led to a sharp economic downturn in 2020, and the ongoing war in Ukraine continue to weigh on the countrys growth performance. We have provided a few examples below that you can copy and paste to your site: Your image export is now complete. Also join us across all of our other channels - we love to be connected! This trend suggests that inflation may now have tapered and could remain relatively stable over the next few years; however, it is important to note that fluctuations can occur due to external factors such as currency exchange rates or changes in commodity prices. The overall 2021 Country Policy and Institutional Assessment (CPIA) score for the regions 39 IDA-eligible countries remains unchanged at 3.1. The rise of unemployment in Africas two largest economies is increasingly becoming problematic, with experts projecting the figures to grow even further amid concern that extensive government support programs wont be able to keep many businesses hit by coronavirus restrictions afloat forever. WINDHOEK, March 10 NamibiaS unemployment rate reached an alarmingly high level of 36.8 percent in 2021, Namibian Tax Specialist Cameron Kotze said Thursday. Find out what the Bank Group's branches are doing in Namibia. WINDHOEK, March 10 Namibia'S unemployment rate reached an "alarmingly high level of 36.8 percent in 2021", Namibian Tax Specialist Cameron Kotze said Thursday. In addition, Kotze said Namibia has a high effective rate of income tax for both natural persons and corporate taxpayers compared to other countries in southern Africa. The maximum rate was 725742 Thousand Person and minimum was 657584 Thousand Person. The unemployment rate in Namibia currently stands at around 33%, with youth unemployment estimated to be over 45%. Higher-than-anticipated fuel and food prices, a global economic slowdown, weaker export commodity prices, and further tightening in global financial conditions could exacerbate inflation, worsen imbalances, and undermine Namibias recovery. This has led to an increase in crime rates, which in turn affects the safety and security of individuals and communities. Aug 10, 2022 In 2021, South Africa had the highest unemployment rate in the world, at 34 percent. The Ohangwena governor could not deliver his SORA, as he was reportedly not feeling well. It is no longer the education I used to teach. "However, the region is determined to accelerate development in . When we are unemployed, we start doubting our worth because so much of our identity was wrapped up in our careers. Furthermore, political unrest in the country has hugely contributed to dampening growth, as a result of which unemployment has risen. Take-profit.org, 2023 | All rights reserved. The global economy is facing a new set of challenges in 2023, as inflation, geopolitical tensions, and the ongoing signs of the COVID pandemic continue to affect countries worldwide. Abstract Youth unemployment is a great concern in Namibia due to the increasing rates of unemployment in the country between the periods of 2000-2008. In 2020, inflation rates remained relatively low but has continued on an upward trajectory over the past two years, due largely to rising prices of imported goods and services. It was developed within the framework of Namibias National Development Plan 4 (NDP4) and included carefully calibrated expectations and program objectives. If there is anything that can drain someone, it has to be the feeling one has when they cant seem to get a job, no matter how hard they try or how many times they apply for one. Learn more about how Statista can support your business. Development paradigm does not need to be either or! This lack of inclusiveness and societys vast disparities have led to a dual economya highly developed modern sector, co-existing with an informal subsistence-oriented oneand are manifested in three main socio-economic challenges that define the economy: Due to consistently negative per capita GDP growth since 2016, and the negative impact of COVID-19 on livelihoods, poverty rates are projected to have increased. May 10, 2023. Economic growth in Sub-Saharan Africa is set to slow from 3.6% in 2022 to 3.1% in 2023. Overall, unemployment is a very serious social and economic issue that results in a tremendous impact on everything but is often overlooked. That is when one has submerged themselves beyond the threshold. Forecast as of 26.08.2022, EURUSD: Elliott wave analysis and forecast for 26.08.2022 02.09.2022, USDCHF: Elliott wave analysis and forecast for 26.08.2022 02.09.2022, Forex Technical Analysis & Forecast 26.08.2022, The Yen is recovering. The ability to put forth ideas in a meaningful, dynamic and glorious manner for a greater purpose. Stay informed with The Namibian your source for credible journalism. The World Banks priorities in Namibia include support for renewable energy and an eGovernment procurement strategy, increased access to broadband internet, and improving competitiveness of the livestock industry. investment decision is another tax that must be paid on the return on their investment.. ", World Bank, Namibia: Unemployment rate from 2003 to 2022 Statista, https://www.statista.com/statistics/808804/unemployment-rate-in-namibia/ (last visited July 10, 2023), Namibia: Unemployment rate from 2003 to 2022 [Graph], World Bank, May 10, 2023. In the energy sector, the Bank is preparing a Transmission Expansion and Energy Storage Project. [Online]. Read on How to solve unemployment in Namibia here. corporate income tax rate for a Namibian company is 32%, compared to 27% for South Africa and 22% for Basically they are in this situation by choice. The Trading Economics Application Programming Interface (API) provides direct access to our data. Despite this positive outlook, there are structural challenges such as a lack of diversification and high unemployment rates that continue to weigh on the economy. Worldwide, no government operating under a democratic constitution creates employment for anyone. It has the capability to churn out knowledge changes lives. Our newsletter gives you access to a curated selection of the most important stories daily. What is the social impact of unemployment in Namibia? Namibia is confronted with a high ocial unemployment rate of 51.2% based on the Labour Force Survey 2008, while 83.6% of the 15 to 19 years of age are unemployed. Furthermore, high unemployment rates have an impact on the countrys economy. South Africa, Namibia, Nigeria have the highest unemployment rates in In the agriculture sector, a recent report presented a roadmap on sustainable livestock value chain development that presents recommendations to improve the competitiveness of the Namibian livestock sector and to foster greater private sector investments. API users can feed a custom application. A pre-1990 history of the systematic exclusion of the black majority from full participation in economic activities continues to shape society and the economy, constraining the countrys economic and social progress to this day. Employment is estimated to remain below pre-pandemic levels as labor-intensive manufacturing subsectors have added jobs relatively slowly. World Bank. Namibia is no exception, and the domestic economy is expected to experience steady but slow growth in the next few years. Namibia Unemployment Rate 1991-2023 | MacroTrends This can have a negative impact on the countrys development as it loses valuable human resources. statistic alerts) please log in with your personal account. Swiatek, Svitolina win Wimbledon epics as curfew halts Djokovic, Zambia and Malawi get crucial Group B wins in Durban, Two infants allegedly drown in water buckets, Vingegaard holds Tour lead as Woods climbs to Volcano victory, England keep Ashes hopes alive with thrilling third Test win, Verstappen continues charge to third title at Silverstone, Five robbery suspects shot dead during police chase. According to Bank of Namibia data from 20202022, inflation accelerated from 7% in 2020 to 11% in 2021, before declining slightly to 8% by 2022. Which is freakishly high. Addressing this issue requires a comprehensive approach that involves government policies, private sector investment, and community engagement. Despite recent progress, Namibia ranked 117th among 157 countries on the Human Capital Index. Other highlights from the report showed that unemployment data in South Africa is likely to deteriorate in Q3 2021 because the government tightened COVID-19 curbs in the face of the third wave of infections, hindering efforts to revive an economy that shrank 7 per cent last year, the report said. At independence in 1990, Namibia inherited an unemployment rate that was already high, which stood at around 19%. This page provides forecast and historical data, charts, statistics, news and updates for Namibia Unemployment Rate. With just a population of about 3 million, Namibia needs as much ta income as it can possibly get from its work force. Accessed July 10, 2023. https://www.statista.com/statistics/808804/unemployment-rate-in-namibia/, World Bank. Like many countries globally, the sector was negatively impacted by the health pandemic, leading to reduced tourism revenues and decreased investment spending. Unemployment Rates By City 7/7/2023 - Forbes Advisor Unemployment Rate in Namibia decreased to 20.80 percent in 2022 from 21.30 percent in 2021. Despite this, deep underlying challenges persist, undermining the prospects for further advancement. Its about taking a step back to look at the bigger picture and positioning solutions for future growth. Unemployment Rate in Namibia averaged 21.03 percent from 1991 until 2022, reaching an all time high of 24.50 percent in 1997 and a record low of 16.80 percent in 2012. Designed by Elegant Themes | Powered by WordPress, UNAM Football Club, Clever Boys, receives N$90,000 sponsorship over 3 years, Legislation review project set to improve the ease of doing business locally, NCCI State of Business Address: The Case of Rethink, Redefine and Trade Policy reform, A lifeline in times of loss: Exploring Nedbank's Funeral Cover Solutions, Riding the storm: The power of long-term investing amid economic challenges, Why Namibia must act now to guarantee fiscal stability for energy investors and avoid delays. Unless otherwise indicated, copyright in the content of this website vest in The Free Press of Namibia (Proprietary) Limited (Registration No 85/058). Through the Integrated Land and Water Initiative, the Bank is providing critical, analytical support on forest, water, and agricultural resources to help inform Namibias Nationally Determined Contribution (NDC) to the Paris Climate Agreement. According to global macro models and analysts at Trading Economics, the youth unemployment rate in Namibia is projected to be around 47.4% in 2023. This includes financial resources. If you continue to navigate this website beyond this page, cookies will be placed on your browser. 42 John Meinert Street, Economic advantage remains in the hands of a relatively small segment of the population, and significant inequality continues. Stay informed with The Namibian your source for credible journalism. They could be seen as unemployed because they are still seeking a job and they just dont want to take the one they are offered. Therefore there is a great need to look into the factors impacting this alarming high unemployment rate. Use Ask Statista Research Service, COVID-19 deaths worldwide as of May 2, 2023, by country and territory, COVID-19 cases worldwide as of May 2, 2023, by country or territory, Coronavirus (COVID-19) cases, recoveries, and deaths worldwide as of May 2, 2023, Cumulative cases of COVID-19 worldwide from Jan. 22, 2020 to Jun. Nedbank Namibia Executive for Corporate and Investment Banking (CIB). On top of both droughts and flooding, agricultural production has been hampered by higher fertilizer prices due to the war in Ukraine. This also means that, with perhaps the exception of articles 16 and 20, all human rights and freedoms in the bill of rights must be implemented immediately. Thanks for signing up for our daily insight on the African economy. Let me briefly explain this by giving an example: If a mother left her job to bring up a child or if someone went for further studies, they would not be classified as unemployed because they are not actively seeking employment. Global and regional developments are important drivers of Namibias economic performance, as well as fiscal and external positions, as the country is highly reliant on commodity exports and Southern African Customs Union (SACU) transfers. It is also because of the governments compliance with articles 95-100 of the Constitution that Namibia is a welfare state.Our parliament has passed laws enabling Cabinet to pay pensions and other social welfare benefits, as well as laws on minimum wages for especially farm or similar workers.Under the Constitution (article 98), the government is required to make laws and adopt policies giving effect to economic growth, prosperity and human dignity.This mainly means laws and policies that enable, for example, the private sector to create employment, and which allow foreign investment in Namibia.It is also true that the government has largely, if not entirely, implemented articles 98 and 99.This means the government has created conditions favourable for employment creation in the private sector. The unemployment rate includes workers who currently do not work, although they can do so. Unemployment can create a sense of frustration and hopelessness among the population, which can lead to protests and demonstrations. The World Bank Group works in every major area of development. Meanwhile, the tourism industry is poised to recover shortly due to improvements in air travel and growing demand for outdoor activities. The national unemployment rate currently stands at 3.6%, unchanged from 3.6% a year ago. Under the Sustainable Renewables Risk Mitigation Initiative, the Bank is delivering a renewable energy roadmap and providing concessional finance through the Green Climate Fund for priority renewable energy projects. According to a recent report by the Namibia Statistics Agency (NSA), export earnings for agriculture, forestry, and fishing products amounted to N$3.7 billion for Q3 of 2022, so their contribution to foreign currency earnings should not be underestimated. Countries with the highest unemployment rate 2021 | Statista What happens in Namibia is provided for in the Namibian Constitution (NC), which is our supreme law. It is important to increase output up to the country's potential, and there is a needfor wage flexibility (workers need to reduce their wage demands) in order to decrease unemployment in. The unemployment rate in Namibia averaged 21.04% from 1991 until 2021, reaching an all-time high of 24.50% in 1997 and a record low of 16.80% in 2012. Geographical disparities in both economic opportunities and access to services are large and widening. 28%. Analysis of Youth Employment and Unemployment in Namibia 2012 - 2013. Trust me, its better than nothing. TheCountry Partnership Strategy (CPS) FY14-17is the first, full World Bank Group (WBG) strategy for Namibia. When people are unable to find work, they are unable to contribute to the economy by paying taxes or purchasing goods and services. Why is there such a high unemployment rate in Namibia? : r/Namibia - Reddit PDF Investigation of Unemployment among University graduates in - ARJHSS In many ways, we are what we do and being unemployed can rock us to the core. Despite the high rate of unemployment in our country, it is a bit promising to know that the rate has decreased to 33,4% in 2018 from 34% in 2016.