Namibia Unveils Bold Reform to Regain Upper-Middle-Income Status

Namibia unveiled an ambitious development plan targeting average economic growth of 7% over the next five years, as it seeks to restore its upper-middle-income status by the end of the decade.

The arid southwest African nation was downgraded by the World Bank to lower-middle-income earlier this month after its gross national income per capita fell slightly below the $4,496 threshold to maintain the higher status, amid weaker economic activity and increased population growth. The economy grew 3.7% last year from 4.4% in 2023, due to a decline in mining activity.