Despite recent progress, Namibia ranked 117th among 157 countries on the Human Capital Index.
PDF Investigation of Unemployment among University graduates in - ARJHSS Namibia: Young, Restless and Unemployed - allAfrica.com This is according to our country's statistics agency. Another principal factor contributing to high unemployment is the fact that Namibias economy is very small compared to, for example, South Africa.According to the World Bank, Namibias economy, measured in terms of its gross domestic product (GDP), is only US$13,31 billion. According to Kotze, the proposed resident withholding tax on dividends is a tax on the business profits that has already been subject to income tax through the corporate tax system.
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.
Namibia - Unemployment, Female - 2023 Data 2024 Forecast 1991-2022 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. 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. Unemployment Rate in Namibia decreased to 20.8 % in 2022. Partners include specialized agencies of the United Nations system, the African Development Bank (AfDB), the New Development Bank, and the International Monetary Fund. Show publisher information During COVID-19, and in the context of the economy's slow growth performance during the post-2016 period, the 2018 Labour Force Survey indicates unemployment to have increased from the estimated. If left unaddressed, this can result in political instability and even unrest. If you use our chart images on your site or blog, we ask that you provide attribution via a link back to this page. Economists, however, predict it could rise even higher in the coming months as a resurgence in infections in many countries has led to new restrictions on businesses and could lead to more layoffs. However, there are signs of improvement and opportunities for growth in certain sectors. The overall 2021 Country Policy and Institutional Assessment (CPIA) score for the regions 39 IDA-eligible countries remains unchanged at 3.1. The maximum rate was 364411 Thousand Persons and minimum was 248944 Thousand Persons. The Namibian
South Africa, Namibia, Nigeria have the highest unemployment rates in Countries with the highest unemployment rate 2021 | Statista 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. Recently there have been accusations that the government is responsible for the high unemployment rate in the Land of the Brave. Unemployment Rate in Namibia is expected to reach 36.80 percent by the end of 2021, according to Trading Economics global macro models and analysts expectations. Unless otherwise indicated, copyright in the content of this website vest in The Free Press of Namibia (Proprietary) Limited (Registration No 85/058). Analysis of Youth Employment and Unemployment in Namibia 2012 - 2013.
PDF Youth Employment and Unemployment - My When we are unemployed, we start doubting our worth because so much of our identity was wrapped up in our careers. However, based on the Labour Survey Report 2018 launched in March, Namibia still has a long way to go in meeting the countrys national development plan (NDP5) targets of reducing the unemployment rate to 24% by 2022 and the youth unemployment to 33% by the same deadline. residents from local investments (so called resident dividend withholding tax).
Namibia unemployment rate reaches 36.8 % in 2021 Overview for 26.08.2022, Will Euro be saved? 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. American author Tejvan Pettinger defines unemployment as a situation where someone of working age is not able to get a job but would like to be fully employed. API users can feed a custom application.
The Villager Newspaper Namibia Often the incomes are so low that they do not register for tax or social security. Save my name, email, and website in this browser for the next time I comment. Development paradigm does not need to be either or! While the survey by the Namibia Labour Force in 2012 provided a worrying figure of 37.8% unemployed graduates in Namibia (Namibia Statistics Agency, 2012), a report by the Swakopmund Municipality Report in 2017 registered unemployment rates among graduates at more than 40%.
According to the Namibia Statistics Agency (2018), the unemployment rate in Namibia increased to 33.4 percent in 2018 from 27.4 percent in 2012. The unemployment rate in Namibia averaged 27,94% from 1997 until 2018, reaching an all-time high of 37,6% in 2008 and a record low of 19,5% in 1997. The presumption is that the government has failed to create employment for especially our youth. The Namibian economy has The maximum rate was 37.6 % and minimum was 2.04 %. 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. Inflation is always an important factor when analysing any countrys economy. Advanced users can use our Python/R/Matlab packages.
Geingob Blames Namibian School Curriculum for High Youth Unemployment Meanwhile, the tourism industry is poised to recover shortly due to improvements in air travel and growing demand for outdoor activities. 65 Nigerian students receive welcome after completing scholarship Namibian police confiscate drugs worth 41,500 USD in China remains Namibias top export destination in September. Also join us across all of our other channels - we love to be connected! Learn more about how Statista can support your business. Number of Employed Persons in Namibia increased to 725742 Thousand Person (725.742 Million Person) in 2018. Namibias poverty rapidly declined from 1993/94 to 2015/16, but it remains high for the countrys level of development. However, due to external factors such as geopolitical risks and global economic trends, it can be especially difficult to predict fluctuations in inflation rates. 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.
Unlocking Namibia's economic growth and opportunities in 2023 Why is there such a high unemployment rate in Namibia? : r/Namibia - Reddit Through the Energy Management Assistance Program (ESMAP) funding, the Bank is designing a National Electrification Program that includes a geospatial least-cost electrification plan, and the design of a national electrification strategy. . FDI is good but dont shun domestic investors, Windhoek residents in arrears further punished by proposed compulsory debit order, The effects of debt on entrepreneurs and 9 steps to get out of it, Namwater Dam Bulletin on Monday 12 June 2023, Namibia included in eNuus weather forecast, Namwater Dam Bulletin on Monday 22 May 2023. She said South Africa (34%), Namibia (33.4%) and Nigeria (33.3%) are the top three countries with the highest unemployment rates on the continent and the world based on Bloomberg records. corporate income tax rate for a Namibian company is 32%, compared to 27% for South Africa and 22% for
High unemployment affects the economy - Namibia - Africa Press The proposed project will finance the construction of a new transmission line and a utility-scale battery storage system to strengthen the power transmission network and to increase capacity to supply new load and uptake new renewable energy generation, as well as to unlock future opportunities for Namibia to trade power in the Southern Africa Power Pool. 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. The maximum rate was 725742 Thousand Person and minimum was 657584 Thousand Person. World Bank. TheSystematic Country Diagnostic, whichidentifies the most important challenges and opportunities a country faces,was published in July 2021 and will guide the development of the new CPF. This includes financial resources. The unemployment rate in Namibia currently stands at around 33%, with youth unemployment estimated to be over 45%. The last thing an investor wants to hear when making an The government has largely, if not entirely, passed laws and adopted policies giving effect to these principles and objectives.However, their implementation depends on the availability of resources. Take-profit.org, 2023 | All rights reserved. Relatively high poverty, lagging human capital, and poor access to basic services are interrelated problems. The integration of renewable energy into agricultural processes can lead to increased efficiency, reduced negative environmental impact, and lower production costs, especially considering the countrys approximately 60% dependence on energy imports. Its about taking a step back to look at the bigger picture and positioning solutions for future growth. "However, the region is determined to accelerate development in . Of the 10 countries with the highest unemployment rates, eight were in Sub-Saharan. We have provided a few examples below that you can copy and paste to your site: Your data export is now complete. Namibia is a geographically large country with a small population of about 2.53 million (2021) and a 1,500 km-long coastline on the South Atlantic.
PDF Space-time Modelling of Unemployment Rate in Namibia a Thesis Submitted Team Namibia and Namibia Tourism Board sign MOU Ethiopian president hails Chinas role in industrialization drive. Its the feeling of not knowing how you will pay your next rent, when you will have food on your table or how you will survive. Botswana. [16] Only South Africa has a higher Gini coefficient. The unemployment rate (which in 2018 was estimated at 33.4% in Namibia based on Trading Economics 2019) can be reduced if production is increased in the mariculture sector. It is a common knowledge that Namibia is faced by a high rate of unemployment, which is mostly affecting women.
PDF Socio-Economic Factors Impacting Youth Unemployment in Namibia For 2021, the global unemployment rate is estimated to be between 6.3-6.5%, depending upon the source. According to the World Travel and Tourism Council (WTTC), travel and tourism contributed approximately 14.7% of the GDP in Namibia, and 15.4 % to total employment in 2019. 42 John Meinert Street, In Namibia, the unemployment rate measures the number of people actively looking for a job as a percentage of the labour force. Namibia ranks second behind South Africa with the unemployment rate at 33.4 per cent, while Nigeria ranks third-highest with the unemployment rate at 33.3 per cent.
Namibia Overview: Development news, research, data | World Bank Backlinks from other websites and blogs are the lifeblood of our site and are our primary source of new traffic. We have a plan for your needs. However, the government is also required by the Constitution (among others, article 95, read with article 101) to pass laws giving effect to the principles and objectives of articles 95 to 100. However, governments in democracies must create conditions favourable to employment creation. The support includes conducting a baseline assessment of existing parliamentary digital processes, preparing a Namibia e-Parliament Reform Strategy, and implementing the reform strategy. Directly accessible data for 170 industries from 150+ countries This may limit the consumer spending growth in a small country like Namibia and reduce prospects for discretionary consumer categories. Nedbank Namibia CIB is a strategic financial partner with a focused objective to help our clients achieve their business ambitions and opportunities. Knowledge services and technical assistance were funded mainly by trust funds, such as the Institutional Development Fund, the Trust Fund for Statistical Capacity Building, and the Financial Sector Reform and Strengthening Initiative (FIRST). In the mining sector, the expected growth is echoed by the Namibia Chamber of Mines, foreseeing increased output from the diamond and uranium industries, specifically. The Ohangwena governor could not deliver his SORA, as he was reportedly not feeling well. This basically occurs when the unemployed decides not to take a job at the going wage rate (eg wrong job, benefits too low, etc). Youth Unemployment Rate in Namibia increased to 46.1 % in 2018. facts. Talented and skilled individuals may leave the country in search of better job opportunities and a higher standard of living. 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. To use individual functions (e.g., mark statistics as favourites, set Causes of high unemployment in Namibia The details below analyze the unemployment rate in Namibia and it reveals that jobless growth appears to be norm in the country with unemployment rate increasing even in the time of high economic growth as measured by GDP (gross domestic product). 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 ideal entry-level account for individual users. Such accusations are largely founded on ignorance and, in some cases, are perhaps malicious propaganda. @2023 - All Rights Reserved. Trust me, its better than nothing. Dr. AN. The maximum rate was 46.1 % and minimum was 37.8 %.
Namibia: Government Is Addressing Youth Unemployment - PM Namibia Unemployment Rate 2023 Data - 2024 Forecast - TRADING ECONOMICS Perhaps the government should propose a stronger system of assessing unemployment in order to determine its causes and how to address it better. In the energy sector, the Bank is preparing a Transmission Expansion and Energy Storage Project. You have entered an incorrect email address! 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. Coping with unemployment in Namibia is extremely difficult, especially if you are supposed to be the breadwinner of your family. This can have a negative impact on the countrys development as it loses valuable human resources. Windhoek,Namibia, +264 61 279 600 Geographical disparities in both economic opportunities and access to services are large and widening. Nedbank Namibia Executive for Corporate and Investment Banking (CIB). - Ed. Follow her page Tashas Short Stories on Facebook for weekly content. After independence, unemployment in Namibia continued to increase to reach a maximum of 37.6% in 2008, after which it started to decline. 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. 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. Namibia ranks second behind South Africa with the unemployment rate at 33.4 per cent, while Nigeria ranks third-highest with the unemployment rate at 33.3 per cent. Nationwide, June data show that the number of part-time workers increased roughly 12%, mostly because . "Namibia: Unemployment rate from 2003 to 2022." The Bank is supporting the National Assembly and National Council (the Parliament) in order to accelerate the adoption of digital technologies (an e-Parliament system)and improve parliamentary process, increasing the effectiveness of its core functions of law-making, representation, oversight, and engagement with citizens. 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. I feel like one of the solutions that can help reduce the unemployment rate is by doing away with the idea of voluntarily employment. With just a population of about 3 million, Namibia needs as much ta income as it can possibly get from its work force. Outside the top three African countries on the list, Jordan occupied the fourth position at 25.0 per cent, while Costa Rica ranked fifth with an unemployment rate of 18.1 per cent. They may also contribute to other publications. Recently there have been accusations that the government is responsible for the high unemployment rate in the Land of the Brave. Find out what the Bank Group's branches are doing in Namibia. The ability to put forth ideas in a meaningful, dynamic and glorious manner for a greater purpose. The lack of employment opportunities means that many people are unable to support themselves and their families. Standard users can export data in a easy to use web interface or using an excel add-in. Which is freakishly high. In addition, high unemployment rates often lead to a brain drain. Business Solutions including all features.
The Effects Of High Unemployment On Namibia - bartleby 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. According to the 2018 Namibia Labour Force Survey, Namibia has one of the highest unemployment rates in Africa, and it could reach more than 50% youth unemployment rate by the end of 2022. The World Bank Group works in every major area of development. Thanks for signing up for our daily insight on the African economy. Its pointless sitting at home with your IT degree refusing to be an administrative officer simply because you studied to become a software engineer. In addition, the government has implemented policies to attract more investment in the sector, which in turn can create additional employment opportunities and stimulate economic growth. Global data and statistics, research and publications, and topics in poverty and development, For project-related issues and complaints, The World Banks digital platform for live-streaming, Environmental and Social Policies for Projects, International Development Association (IDA), Country Partnership Strategy (CPS) FY14-17, Country Partnership Strategy (CPS) FY14FY17. Our newsletter gives you access to a curated selection of the most important stories daily. This is according to our countrys statistics agency. 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. According to the 2018 Namibia Labour Force Survey, Namibia has one of the highest unemployment rates in Africa, and it could reach more than 50% youth unemployment rate by the end of 2022. 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. At Nedbank Namibia CIB, seeing money differently is about more than finding solutions for current problems. Namibia is known for its breathtaking landscapes and diverse wildlife; as a result, the tourism industry is a significant source of employment and foreign exchange for the country.
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