IMF Staff Country Reports

IMF Staff Country Reports
Journal
Publisher:
International Monetary Fund
ISSN:
1934-7685
The IMF Country Reports Series covers economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with officials of the country, is published at the option of the member.
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Namibia : 2013 Article IV Consultation-Staff Report; Press Release

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Namibia : 2013 Article IV Consultation-Staff Report; Press Release
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Volume/Issue:
2014/40
Series:
IMF Staff Country Reports
Author(s):
International Monetary Fund. African Dept.
Publisher:
INTERNATIONAL MONETARY FUND
Published Date:
February 2014
DOI:
http://dx.doi.org/10.5089/9781475518450.002
ISBN:
9781475518450
ISSN:
1934-7685
Page:
58
This 2013 Article IV consultation highlights Namibia's positive growth record over the years, which has raised overall incomes and led to positive economic outcomes. However, growth has not translated into sufficient job creation, and unemployment and income inequality are persistently high. Real GDP growth is expected to moderate to 4 percent in 2013 from 5 percent in 2012 reflecting weak global demand for exports partially offset by solid growth in domestic demand. Given the uncertain external environment, the IMF staff recommends that the authorities pursue 'growth-friendly' fiscal consolidation, reining in unproductive current spending while protecting growth-promoting capital spending. The IMF staff also welcomes efforts by the government to look into ways to steer a gradual reduction of the wage bill, which would improve labor market outcomes.
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