high unemployment rate in namibia

The duality of the labor market, combined with slow job creation and low primary-sector productivity, results in very high unemployment. In Namibia, the unemployment rate measures the number of people actively looking for a job as a percentage of the labour force. unemployment rate over the last three decades is characterised by a persistent upward trend. With just a population of about 3 million, Namibia needs as much ta income as it can possibly get from its work force. 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. 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%. Data published Yearly by Central Bureau of Statistics. However, due to external factors such as geopolitical risks and global economic trends, it can be especially difficult to predict fluctuations in inflation rates. 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. It is also clouded by the country's massive challenges of poverty, high unemployment and inequality. White label accounts can distribute our data. This includes financial resources. Aug 10, 2022 In 2021, South Africa had the highest unemployment rate in the world, at 34 percent. The Villager Newspaper Namibia Harsh Consequences Of High Unemployment Rate in Namibia 2023 Unemployment - The Namibian [16] Only South Africa has a higher Gini coefficient. Unemployment Rate in Namibia decreased to 20.8 % in 2022. According to a recent report by the Namibia Statistics Agency (NSA), export earnings for agriculture, forestry, and fishing products amounted to N$3.7 billion for Q3 of 2022, so their contribution to foreign currency earnings should not be underestimated. Why is there such a high unemployment rate in Namibia? : r/Namibia - Reddit May 10, 2023. 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. Namibia unemployment rate reaches 36.8 % in 2021 The unemployment rate in Namibia - Truth, for its own sake. For Nigeria, the report stated that the country ranked third on the global unemployment chart, although it is yet to release its unemployment data for the year. Of the 10 countries with the highest unemployment rates, eight were in Sub-Saharan. This is according to our countrys statistics agency. If there is anything that can drain someone, it has to be the feeling one has when they cant seem to get a job, no matter how hard they try or how many times they apply for one. 30%. The Namibian Mariculture: Productivity, Challenges and Opportunities 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. Namibia: Government Is Addressing Youth Unemployment - PM Such accusations are largely founded on ignorance and, in some cases, are perhaps malicious propaganda. Ohangwena faces high unemployment rate: Nghaamwa - Namibia Daily News Writing is something that has the capability to soothe the soul. Inflation is always an important factor when analysing any countrys economy. Get quick analyses with our professional research service. 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. Nedbank Namibia Executive for Corporate and Investment Banking (CIB). With 189 member countries, staff from more than 170 countries, and offices in over 130 locations, the World Bank Group is a unique global partnership: five institutions working for sustainable solutions that reduce poverty and build shared prosperity in developing countries. Therefore there is a great need to look into the factors impacting this alarming high unemployment rate. Forecast as of 26.08.2022, Murrey Math Lines 26.08.2022 (Brent, S&P 500), List of countries with highest gold reserves, TOP countries with the highest level of unemployment, How to find the best FX broker for trading in 2020. Watch, listen and click through the latest videos, podcasts and slideshows highlighting the World Banks work in Sub-Saharan Africa. With limited opportunities for employment, many young people turn to illegal activities such as theft and drug trafficking. Overall, unemployment is a very serious social and economic issue that results in a tremendous impact on everything but is often overlooked. Unemployment is therefore one of the most serious problems in Namibia especially among youth This study set out to identify and analyse the factors that have been responsible for high unemployment among youth and the influence of the labour market policies in Namibia. 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. Overview and forecasts on trending topics, Industry and market insights and forecasts, Key figures and rankings about companies and products, Consumer and brand insights and preferences in various industries, Detailed information about political and social topics, All key figures about countries and regions, Market forecast and expert KPIs for 1000+ markets in 190+ countries & territories, Insights on consumer attitudes and behavior worldwide, Business information on 70m+ public and private companies, Detailed information for 35,000+ online stores and marketplaces. This trend suggests that inflation may now have tapered and could remain relatively stable over the next few years; however, it is important to note that fluctuations can occur due to external factors such as currency exchange rates or changes in commodity prices. We have provided a few examples below that you can copy and paste to your site: Your image export is now complete. 13, 2023, by day. Namibia Statistics Agency. 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. @2023 - All Rights Reserved. How to Reduce Unemployment in Namibia - 2023/2024 On top of both droughts and flooding, agricultural production has been hampered by higher fertilizer prices due to the war in Ukraine. 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. Countries with the highest unemployment rate 2021 | Statista Despite recent progress, Namibia ranked 117th among 157 countries on the Human Capital Index. Team Namibia and Namibia Tourism Board sign MOU Ethiopian president hails Chinas role in industrialization drive. Nghaamwa pointed out that the regional unemployment rate currently stands at 45,4 per cent, which is relatively higher than the national average of 34 per cent as per 2016 statistics. The unemployment rate in Namibia currently stands at around 33%, with youth unemployment estimated to be over 45%. 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. WINDHOEK, March 10 NamibiaS unemployment rate reached an alarmingly high level of 36.8 percent in 2021, Namibian Tax Specialist Cameron Kotze said Thursday. Find out what the Bank Group's branches are doing in Namibia. However, there are signs of improvement and opportunities for growth in certain sectors. Moreover, high unemployment rates can lead to political instability. We bring you daily editor picks from the best Business Insider news content so you can stay updated on the latest topics and conversations on the African market, leaders, careers and lifestyle. WINDHOEK, March 10 Namibia'S unemployment rate reached an "alarmingly high level of 36.8 percent in 2021", Namibian Tax Specialist Cameron Kotze said Thursday. 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. 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 twin shocks of the pandemic and spillovers from the war in Ukraine have negatively affected socio-economic progress and raised food insecurity risks. Namibias poverty rapidly declined from 1993/94 to 2015/16, but it remains high for the countrys level of development. PDF Socio-Economic Factors Impacting Youth Unemployment in Namibia To use individual functions (e.g., mark statistics as favourites, set 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. Please check your download folder. What is the unemployment rate in Namibia 2021? World Bank. This is achieved through the provision of tailored solutions, characterized by fresh thinking, innovation, and a highly integrated partnership approach. This reduces the countrys overall economic output, leading to slower economic growth and development. 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 Effects Of High Unemployment On Namibia - bartleby Recently there have been accusations that the government is responsible for the high unemployment rate in the Land of the Brave. (PDF) Determinants of Unemployment in Namibia - ResearchGate All rights reserved. At Nedbank Namibia CIB, seeing money differently is about more than finding solutions for current problems. 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 government, Swapo, opposition parties and individuals are obliged to respect, protect and realise all the fundamental and human rights and freedoms listed in the bill of rights (Chapter 3, NC). The Government has indicated that it intends to impose a withholding tax on dividends earned by Rising consumer price inflation has also been identified as the most significant risk to consumer spending through 2022, eroding purchasing power and shifting consumer spending away from discretionary spending. Unemployment rate in Namibia 2022 Published by Aaron O'Neill , May 12, 2023 The unemployment rate in Namibia decreased to 20.85 percent since the previous year. 28%. Despite the economic recovery in 2022, the socioeconomic situation did not improve significantly. There are, however, several factors which have direct and indirect negative consequences for job creation for which the government must be largely, if not entirely, blamed.These factors include corruption which includes conflict of interest in the government.Corruption includes the governments apparent or real reluctance to ensure that certain foreign investors pay taxes to the government.There are widespread credible allegations that some investors hardly pay taxes to our government. Sun, 12 October 2014 21:51 Debate continues to rage in about the percentage of unemployment, or what we call unemployment. Namibia Unemployment Rate | Moody's Analytics The Namibian economy has Please create an employee account to be able to mark statistics as favorites. Namibia Unemployment Rate 2023 Data - 2024 Forecast - TRADING ECONOMICS 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. statistic alerts) please log in with your personal account. High rates of youth unemployment have been a prominent . Namibia is blessed with an abundance of natural resources, and the mining industry is another major contributor to the economy of the country. Save my name, email, and website in this browser for the next time I comment. Its Gini coefficient of 59.1 in 2015 was second only to South Africa. The decline in economic growth bottomed out in 2020 when it contracted by 8.5 percent. both natural persons and corporate taxpayers compared to other countries in Southern Africa. 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. Economic growth in Sub-Saharan Africa is set to slow from 3.6% in 2022 to 3.1% in 2023. 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). 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. Anxiety starts to creep in and uncertainty about your future becomes inevitable. Employees in the ministries of education, defence, safety and health are predominantly youth. Under the Sustainable Renewables Risk Mitigation Initiative, the Bank is delivering a renewable energy roadmap and providing concessional finance through the Green Climate Fund for priority renewable energy projects. A joint World Bank-IFC CountryPrivateSector Diagnostic, prepared in 2022, analyzes and presents opportunities to leverage private-sector capital and expertise to reposition growth on a green, resilient, and inclusive trajectory, rather than to rely on the dominant public-sector growth model, which is facing constraints. How the red meat industry can benefit from international markets? Despite this, deep underlying challenges persist, undermining the prospects for further advancement. This will result in increased import prices and a more challenging economic environment for consumers in 2023, as the country relies heavily on imports to meet domestic economic activity. facts. Investing in Africa's $1.5 trillion B2B payments market: An exclusive interview with Risana Zitha.

Moxies Menu Prince George, Mccluer North Baseball, Articles H