BoN's 20th annual symposium opens

19 Sep 2019 11:20am
WINDHOEK, 19 SEP (NAMPA) - 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, 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… We should also look at advanced economies - how they are doing it (growing their economies),” Shiimi stated.
Presenters from the World Bank, the Asian Development Bank and BoN will provide their perspective on the middle-income trap, as well as international experiences on how to escape it, during the one-day symposium.
The event is being attended by representatives from the commercial banking sector, the private sector, state-owned enterprises, ministries and tertiary institutions.