Namibia can transform its economy, create jobs, reduce inequality, and recover faster from the impact of COVID-19 by deepening private sector reforms and increasing private sector participation in key sectors. This is the main finding of the Namibia Country Private Sector Diagnostic (CPSD), which was jointly prepared by IFC and the World Bank.
The report examines how Namibia can recover faster from its gradual economic decline in recent years by addressing private sector constraints in key enabling sectors with high potential for growth, such as renewable energy, climate-smart agribusiness, and housing. The CPSD suggests addressing policy challenges to attract investment and achieve sustainable private sector-driven growth.
The CPSD report further points to the need for greater efficiencies in Namibia’s logistics and trade facilitation sectors and highlights untapped opportunities in digital transformation and the water sector for green and resilient growth.
Namibia can harness the power of the private sector to reach its goal of becoming a high-income, industrialized nation focused on increased innovation, productivity, and value addition, one with vibrant Micro Small and Medium Enterprise (MSME) and export sectors.