13, 2023, by day. I feel like one of the solutions that can help reduce the unemployment rate is by doing away with the idea of voluntarily employment. How the red meat industry can benefit from international markets? We face big challenges to help the worlds poorest people and ensure that everyone sees benefits from economic growth. 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. Often the incomes are so low that they do not register for tax or social security. In principle, whether unemployment rate in the country is at 51 percent, 15 percent, 10 percent or even 5 percent, it is still unemployment which denies Namibians food on their . Poverty rates are estimated to remain above pre-pandemic levels. The depreciation of the Namibian dollar against the US dollar is expected, with the exchange rate forecast to reach 17.48 NAD/USD from 16.4 NAD/USD in 2022. The unemployment rate is defined as the percentage of unemployed workers in the total labor force. 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. Abstract Youth unemployment is a great concern in Namibia due to the increasing rates of unemployment in the country between the periods of 2000-2008. The unauthorized making of copies or use of this material constitutes a copyright infringment under the Namibian Copyright and Neighbouring Rights Protection Act, 1994 (Act No 6 of 1994). Copyright 2023 lifealleyoops | Powered by lifealleyoops, Importance of developing infrastructure to solve unemployment in Namibia 2023, 10 Best Solutions to Poverty in Kavango East Region, 10 Best Ways to Improve and Promote Agriculture in the Kavango East Region, From Seed to Feed: Growing Black Oil Sunflower for Best Chicken Results 2023, Growing Maize Best Nutrient-Rich Chicken Feed 2023. Unless otherwise indicated, copyright in the content of this website vest in The Free Press of Namibia (Proprietary) Limited (Registration No 85/058). If you use our chart images on your site or blog, we ask that you provide attribution via a link back to this page. Windhoek,Namibia, +264 61 279 600 By Tjivingurura Mbuende This means more than half of Namibia's economically active population does not work, posing major social, political and economic crises - as such, high . Botswana. Swiatek, Svitolina win Wimbledon epics as curfew halts Djokovic, Zambia and Malawi get crucial Group B wins in Durban, Two infants allegedly drown in water buckets, Vingegaard holds Tour lead as Woods climbs to Volcano victory, England keep Ashes hopes alive with thrilling third Test win, Verstappen continues charge to third title at Silverstone, Five robbery suspects shot dead during police chase, Phil ya Nangoloh is a human rights practitioner, a former Plan operator and founder and executive director of NamRights Inc. Please check your download folder. What is Unemployment Rate in Namibia? Spurred by higher fuel prices, inflation increased to a five-year high of 6.1% in 2022, disproportionately affecting the most vulnerable and decreasing consumers real income. Namibia is blessed with an abundance of natural resources, and the mining industry is another major contributor to the economy of the country. In, World Bank. South Africas GDP is US$419 billion.That means Namibias economy cannot sustain the growing number of young people who need jobs.It is why you often find thousands of especially youthful citizens lining up for a mere handful of job opportunities.Mathematically, it means the number of job seekers is inversely proportional to the number of jobs available.It also means that as the number of unemployed people increases, the number of jobs decrease. Meanwhile, the tourism industry is poised to recover shortly due to improvements in air travel and growing demand for outdoor activities. How to compare Forex brokers spreads and swaps? High unemployment can lead to social exclusion, increased crime, economic hardship, loss of human capital, and social instability. Furthermore, high unemployment rates have an impact on the countrys economy. It has the capability to churn out knowledge changes lives. Namibia Statistics Agency. been battling over the last few years and the introduction of this tax is rather punitive for those entrepreneurs Geingob Blames Namibian School Curriculum for High Youth Unemployment Read on How to solve unemployment in Namibia here. By working together, Namibia can reduce its unemployment rate and create a brighter future for all its citizens. (LFS), reported by the Namibia Statistics Agency (NSA), show youth unemployment rate range from 37.8% to 41.7% for the youth (individuals aged 15-34 years), between 2012 and 2013 (see . The unemployment rate includes workers who currently do not work, although they can do so. Kotze also said that Namibia's local economy had steadily declined since 2015, when it had grown by 4.3 percent. A Guest Contributor is any of a number of experts who contribute articles and columns under their own respective names. It is a common knowledge that Namibia is faced by a high rate of unemployment, which is mostly affecting women. Namibia ranks as one of the worlds most unequal countries. Overview for 26.08.2022, USDCAD: Elliott wave analysis and forecast for 26.08.2022 02.09.2022, The cryptocurrency market digest (BTC). This site uses cookies to optimize functionality and give you the best possible experience. Namibia Unemployment Rate 1991-2023 | MacroTrends Recently there have been accusations that the government is responsible for the high unemployment rate in the Land of the Brave. API users can feed a custom application. Such accusations are largely founded on ignorance and, in some cases, are perhaps malicious propaganda. Despite recent progress, Namibia ranked 117th among 157 countries on the Human Capital Index. Diamond production increased by 46% while many services sectors, such as trade and finance, which rely on face-to-face interaction, continued to recover following the removal of all remaining pandemic-related restrictions mid-year. The increased demand for minerals such as uranium, gold, and diamonds is expected to drive the industrys growth over the next few years. Nowhere in the bill of rights does it state that the government must create employment. Namibia is a higher-middle-income country with an estimated annual GDP per capita of US$5,828 but has extreme inequalities in income distribution and standard of living. Standard users can export data in a easy to use web interface or using an excel add-in. Namibia Unemployment Rate - Historical Data; Year Unemployment Rate (%) Annual Change; 2021: 21.68%: 0.23%: 2020: 21.45%: 1.46%: 2019: 19.99%: 0.11%: 2018: 19.88%-1.76%: 2017: 21.64%-1.71%: 2016: 23.35%: 2.44%: 2015: 20.91%: 2.39%: 2014: 18.52%-.51%: 2013: 19.03%: 2.26%: 2012: 16.77%-2.69%: 2011: 19.46%-2.66%: 2010: 22.12%-.09%: 2009: 22.21% . Why is there such a high unemployment rate in Namibia? : r/Namibia - Reddit We as Namibians need to seriously fight corruption in our country.In elections, for example, we must vote for candidates who are not corrupt.Swapo, for one, must be congratulated for electing Netumbo Nandi-Ndaitwah as the partys presidential candidate for the national and presidential elections scheduled for 2024.This has created hope among some Namibians about the prospects of a better future. It is critical to address this issue comprehensively and effectively in order to mitigate its negative impacts on society. Through the Satellite Monitoring for Forest Management initiative, the Bank has provided support to Namibias Directorate of Forestry to establish and facilitate a satellite monitoring unit to produce forest cover and forest change maps that inform forest policy and management. [16] Only South Africa has a higher Gini coefficient. 42 John Meinert Street, This high level of unemployment has far-reaching consequences on both the individuals and the country as a whole. 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. Its Gini coefficient of 59.1 in 2015 was second only to South Africa. The maximum rate was 364411 Thousand Persons and minimum was 248944 Thousand Persons. Yet, in the wrong hands it has the capacity to destroy reputations and lives. 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. South Africa, Namibia, Nigeria have the highest unemployment rates in Ongoing technical assistance is supporting implementation of the eGovernment Procurement program. 42 John Meinert Street, The unemployment rate in Namibia currently stands at around 33%, with youth unemployment estimated to be over 45%. It is also, again with ESMAP funding, providing advisory services to the government for the design and rollout of Namibias Green Hydrogen Roadmap. The decline in economic growth bottomed out in 2020 when it contracted by 8.5 percent. It was developed within the framework of Namibias National Development Plan 4 (NDP4) and included carefully calibrated expectations and program objectives. This includes financial resources. Investing in Africa's $1.5 trillion B2B payments market: An exclusive interview with Risana Zitha. Also join us across all of our other channels - we love to be connected! "Namibia: Unemployment Rate from 2003 to 2022. (May 10, 2023). It is important to increase output up to the country's potential, and there is a needfor wage flexibility (workers need to reduce their wage demands) in order to decrease unemployment in. 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The ideal entry-level account for individual users. In addition, high unemployment rates often lead to a brain drain. 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. May 10, 2023. If you use our datasets on your site or blog, we ask that you provide attribution via a link back to this page. Namibia is confronted with a high ocial unemployment rate of 51.2% based on the Labour Force Survey 2008, while 83.6% of the 15 to 19 years of age are unemployed. Such accusations are largely founded on ignorance and, in some cases, are perhaps malicious propaganda. This high level of unemployment has far-reaching consequences on both the individuals and the country as a whole. Statista. Take-profit.org, 2023 | All rights reserved. Namibia has a resilient agricultural sector, with a significant proportion of the population relying on it for their livelihoods. At independence in 1990, Namibia inherited an unemployment rate that was already high, which stood at around 19%. The Namibian Mariculture: Productivity, Challenges and Opportunities Find out what the Bank Group's branches are doing in Namibia. 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. Unemployment, female (% of female labor force) (modeled ILO estimate) in Namibia was reported at 19.7 % in 2022, according to the World Bank collection of development indicators, compiled from officially recognized sources. Nedbank Namibia CIB is a strategic financial partner with a focused objective to help our clients achieve their business ambitions and opportunities. This has led to an increase in crime rates, which in turn affects the safety and security of individuals and communities. Political stability and sound economic management have helped poverty reduction and allowed Namibia to become an upper-middle-income country. World Bank. . To support its forward-looking and sustainable agriculture, Namibia is actively pursuing green hydrogen initiatives which can balance productivity and economic viability through responsible use of natural resources and reduced environmental impact. The last thing an investor wants to hear when making an After independence, unemployment in Namibia continued to increase to reach a maximum of 37.6% in 2008, after which it started to decline. In conclusion, Consequences Of High Unemployment have serious impacts on both the individuals and the country as a whole. Recently there have been accusations that the government is responsible for the high unemployment rate in the Land of the Brave. Structural constraints to growth have also hampered job creation. A lot of employment is informal, mainly subsistence farming communities and basic vendors. However, there are signs of improvement and opportunities for growth in certain sectors. Show publisher information 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 maximum rate was 37.6 % and minimum was 2.04 %. 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. "Education has changed. Growth in 2022 reached 3.5%, driven by mining (especially the growth of diamond production), manufacturing, and the continued recovery of services. Poor countries will be unable to implement principles and objectives without outside assistance. Until the devastating 2020 fall in GDP to 9.8%, this productive sector had shown continued growth. 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. Unlocking Namibia's economic growth and opportunities in 2023 This basically occurs when the unemployed decides not to take a job at the going wage rate (eg wrong job, benefits too low, etc). This is according to our country's statistics agency. Analysis of Youth Employment and Unemployment in Namibia 2012 - 2013. serious crimes such drug trafficking, poaching and has been on the rise and it is also being boosted by the the high levels of unemployment. 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. Swiatek, Svitolina win Wimbledon epics as curfew halts Djokovic, Zambia and Malawi get crucial Group B wins in Durban, Two infants allegedly drown in water buckets, Vingegaard holds Tour lead as Woods climbs to Volcano victory, England keep Ashes hopes alive with thrilling third Test win, Verstappen continues charge to third title at Silverstone, Five robbery suspects shot dead during police chase. They are regarded as authorities in their disciplines, and their work is usually published with limited editing only. 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. On the positive side, our key industries can help the country to meet these challenges. The unemployment rate in Namibia - Truth, for its own sake. Inflation is always an important factor when analysing any countrys economy. Another example of consequences of high unemployment in Namibia is social unrest. Relatively high poverty, lagging human capital, and poor access to basic services are interrelated problems. 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. Despite this, deep underlying challenges persist, undermining the prospects for further advancement. Talented and skilled individuals may leave the country in search of better job opportunities and a higher standard of living. Namibia Unemployment Rate | Moody's Analytics WINDHOEK, March 10 NamibiaS unemployment rate reached an alarmingly high level of 36.8 percent in 2021, Namibian Tax Specialist Cameron Kotze said Thursday. The Government has indicated that it intends to impose a withholding tax on dividends earned by Unemployment Rate in Namibia decreased to 20.8 % in 2022. Higher-than-anticipated fuel and food prices, a global economic slowdown, weaker export commodity prices, and further tightening in global financial conditions could exacerbate inflation, worsen imbalances, and undermine Namibias recovery. Despite the economic recovery in 2022, the socioeconomic situation did not improve significantly. The statistic implies that more than half of Namibias economically active population will not be employed, resulting in significant social, political, and economic consequences. Through the Integrated Land and Water Initiative, the Bank is providing critical, analytical support on forest, water, and agricultural resources to help inform Namibias Nationally Determined Contribution (NDC) to the Paris Climate Agreement. This can have a negative impact on the countrys development as it loses valuable human resources. - Ed. PDF Namibia - African Economic Outlook - African Development Bank For 2021, the global unemployment rate is estimated to be between 6.3-6.5%, depending upon the source. Overall, unemployment is a very serious social and economic issue that results in a tremendous impact on everything but is often overlooked.