WINDHOEK (Reuters) – Namibia’s Finance Minister Iipumbu Shiimi said on Thursday the country’s growth rate was projected to accelerate to 3.7% in 2023 led by a pick up in mining, agriculture, fishing and other primary sector of the economy.
The country was expected to have grown by 1.2% in 2021, lower than the estimated 1.9% in mid-year budget review, he said during his annual budget presentation. Growth of 2.9% is projected for this year.
The country is running a budget deficit at 8.6% of the GDP in the current financial year, with the total debt standing at two-thirds the size of the economy, the minister said in his speech.
(Reporting by Nyasha Francis Nyaungwa; Writing by Promit Mukherjee; Editing by Alison Williams)
