Bank of Namibia to host 20th Annual Symposium
16 Sep 2019 11:30am
WINDHOEK, 16 SEP (NAMPA) - The Bank of Namibia (BoN) will host its 20th Annual Symposium under the theme, Escaping the Middle Income Trap, on Thursday.
A media statement issued by the bank said this years topic is motivated by Namibias disappointing growth record since 2016 that has given rise to the notion that Namibia might be in a middle income trap.
It explained that the term middle income trap, captures a situation where a country is unable to move to higher levels of economic growth and further economic transformation.
The statement further said Namibias Gross Domestic Product (GDP) growth rates were on an upward trajectory over a number of years, averaging 3.5 per cent between 1990 and 1999, then increasing to 4.3 per cent between 2000 and 2009.
During 2010 to 2015, average growth rate was 5.7 per cent, mainly due to an expansionary fiscal policy and the construction of large mines, it added.
However since 2016, real GDP contracted as temporary stimulus from the construction of mines and public sector infrastructure slowed down and government undertook a significant fiscal consolidation exercise to reduce public debt and the budget deficit.
The symposium will provide a platform to understand the notion of middle income trap with reference to Namibia and to devise strategies and policy options to exit such a trap and become an industrialised state in line with Vision 2030, it continued.
It will also share international experiences where it will review cases from countries that have successfully moved out of the middle income trap, especially the Latin and Asian countries as well as how Namibia could avoid the trap.
The symposium is expected to be attended by experts; international and local policy makers, academics, and relevant stakeholders.