Windhoek,Namibia, +264 61 279 600 Writing is something that has the capability to soothe the soul. Kotze was speaking during an interview where he spoke about the proposed withholding tax on dividends earned by residents from local investments, which has been mooted by Namibias Minister of Finance. The presumption is that the government has failed to create employment for especially our youth. Chart. What happens in Namibia is provided for in the Namibian Constitution (NC), which is our supreme law. Unemployment refers to the share of the labor force that is without work but available for and seeking employment. 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. All rights reserved. When we are unemployed, we start doubting our worth because so much of our identity was wrapped up in our careers. PDF Sources of unemployment in Namibia: an application of the structural 28%. The support includes conducting a baseline assessment of existing parliamentary digital processes, preparing a Namibia e-Parliament Reform Strategy, and implementing the reform strategy. After independence, unemployment in Namibia continued to increase to reach a maximum of 37.6% in 2008, after which it started to decline. To use individual functions (e.g., mark statistics as favourites, set XAUUSD: Elliott wave analysis and forecast for 26.08.2022 02.09.2022, WTI Crude Oil: Elliott wave analysis and forecast for 26.08.2022 02.09.2022, USDJPY: Elliott wave analysis and forecast for 26.08.2022 02.09.2022, GBPUSD: Elliott wave analysis and forecast for 26.08.2022 02.09.2022, Gold wants a drama. CLEAN CANDIDATES. Please check your download folder. 30%. The global economy is facing a new set of challenges in 2023, as inflation, geopolitical tensions, and the ongoing signs of the COVID pandemic continue to affect countries worldwide. Other highlights from the report showed that unemployment data in South Africa is likely to deteriorate in Q3 2021 because the government tightened COVID-19 curbs in the face of the third wave of infections, hindering efforts to revive an economy that shrank 7 per cent last year, the report said. 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. With limited opportunities for employment, many young people turn to illegal activities such as theft and drug trafficking. 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 numbers of employees in this sector between 2018 and 2021 represent a minute fraction of the Namibian population, which was 2,632,885 as of 2022, based on Worldometers . Trading Economics members can view, download and compare data from nearly 200 countries, including more than 20 million economic indicators, exchange rates, government bond yields, stock indexes and commodity prices. In many ways, we are what we do and being unemployed can rock us to the core. "Namibia: Unemployment rate from 2003 to 2022." Unemployment - The Namibian 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. 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. Despite recent progress, Namibia ranked 117th among 157 countries on the Human Capital Index. This is wrong. 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. These deteriorating global conditions could adversely impact the local short-term outlook. Youth unemployment in Namibia Often the incomes are so low that they do not register for tax or social security. The maximum rate was 364411 Thousand Persons and minimum was 248944 Thousand Persons. In the energy sector, the Bank is preparing a Transmission Expansion and Energy Storage Project. To me, it's a question of symantics, unemployment refers to a situation where capable individuals are failing to find employment, not being underpaid but not finding anything to do. This page provides values for Unemployment Rate reported in several countries part of Africa. You have entered an incorrect email address! 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. Addressing this issue requires a comprehensive approach that involves government policies, private sector investment, and community engagement. In 2023, high unemployment rates are expected to persist in Namibia. This has led to a rise in poverty levels, with many people unable to access basic necessities such as food, housing, and healthcare. . 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 twin shocks of the pandemic and spillovers from the war in Ukraine have negatively affected socio-economic progress and raised food insecurity risks. Industry revenue of manufacture of other wearing apparel, accessories in Denmark 2012-20 Find your information in our database containing over 20,000 reports. Nationwide, June data show that the number of part-time workers increased roughly 12%, mostly because . PDF Socio-Economic Factors Impacting Youth Unemployment in Namibia Let me briefly explain this by giving an example: If a mother left her job to bring up a child or if someone went for further studies, they would not be classified as unemployed because they are not actively seeking employment. 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. Natasha Lientjies Domingo is an author who enjoys reading and writing stories. The ideal entry-level account for individual users. Unless otherwise indicated, copyright in the content of this website vest in The Free Press of Namibia (Proprietary) Limited (Registration No 85/058). The Namibian A report by the Bank assessed Namibias social assistance programs with a view to developing options to increase their impact through strengthened targeting and administration. That is when one has submerged themselves beyond the threshold. 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. All rights reserved. Partners include specialized agencies of the United Nations system, the African Development Bank (AfDB), the New Development Bank, and the International Monetary Fund. Data and research help us understand these challenges and set priorities, share knowledge of what works, and measure progress. The maximum rate was 37.6 % and minimum was 2.04 %. Nedbank Namibia CIB is a strategic financial partner with a focused objective to help our clients achieve their business ambitions and opportunities. Ohangwena faces high unemployment rate: Nghaamwa - Namibia Daily News 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. 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. [Online]. South Africa, Namibia, Nigeria have the highest unemployment rates in the world - report, Nigerias job crisis is far worse than what the unemployment rate shows World Bank report, Head and Editor at Business Insider Africa. This can have a negative impact on the countrys development as it loses valuable human resources. 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 maximum rate was 725742 Thousand Person and minimum was 657584 Thousand Person. The overall 2021 Country Policy and Institutional Assessment (CPIA) score for the regions 39 IDA-eligible countries remains unchanged at 3.1. High unemployment affects the economy - Namibia - Africa Press 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% . corporate income tax rate for a Namibian company is 32%, compared to 27% for South Africa and 22% for In Namibia, the unemployment rate measures the number of people actively looking for a job as a percentage of the labour force. Times are tough, requirements are getting harder as years go by, and the best you can do is just take the job. Save my name, email, and website in this browser for the next time I comment. high unemployment rate. 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. The unemployment rate in Namibia - Truth, for its own sake. Consequences of high unemployment rate in Namibia Poverty Number of Unemployed Persons in Namibia increased to 364411 Thousand Persons (364.411 Million Persons) in 2018. Another example of consequences of high unemployment in Namibia is social unrest. Unemployment Rate - Countries - List | Africa - TRADING ECONOMICS This means more than half of Namibia's economically active population does not work, posing major social, political and economic crises - as such, high . Forecast as of 26.08.2022, EURUSD: Elliott wave analysis and forecast for 26.08.2022 02.09.2022, USDCHF: Elliott wave analysis and forecast for 26.08.2022 02.09.2022, Forex Technical Analysis & Forecast 26.08.2022, The Yen is recovering. The lack of employment opportunities means that many people are unable to support themselves and their families. How to compare Forex brokers spreads and swaps? Namibia Unemployment Rate | Moody's Analytics Basically they are in this situation by choice. 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. In 2023, high unemployment rates are expected to persist in Namibia. Also join us across all of our other channels - we love to be connected! Like many countries globally, the sector was negatively impacted by the health pandemic, leading to reduced tourism revenues and decreased investment spending. Recently there have been accusations that the government is responsible for the high unemployment rate in the Land of the Brave. 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. You only have access to basic statistics. I always advise people to take whatever job offer they get until something better comes along. Unemployment can create a sense of frustration and hopelessness among the population, which can lead to protests and demonstrations. Economic advantage remains in the hands of a relatively small segment of the population, and significant inequality continues. Nowhere in the bill of rights does it state that the government must create employment. According to the International Monetary Fund (IMF), Namibias real GDP growth is expected to reach 3% by 2024, which is good news for Namibian individuals and businesses alike. Youth Unemployment Rate in Namibia increased to 46.1 % in 2018. According to a new report released on Tuesday by Bloomberg, South Africa has the highest unemployment rate on a global list of 82 countries as the jobless rate increased to 34.4 per cent in Q2 2021 from 32.6 per cent in Q1 2021. At Nedbank Namibia CIB, seeing money differently is about more than finding solutions for current problems. 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. 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). 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. Currency volatility also poses a significant risk in Namibia, due to fluctuations between the South African Rand and major currencies such as the US Dollar and the Euro.