By: Staff writer
Namibia’s mining sector will be negatively affected by weak global demand, particularly impacting growth for diamonds and zinc.
This comes as global economic growth is projected to slow down to 3.2% in 2024, from 3.3% in 2023.
The Bank of Namibia anticipates that uranium production will be constrained by strip-mining activities as mines try to expand their mining pits.
“Furthermore, the adverse effects of drought on the agriculture and water sectors are expected to exacerbate the overall economic performance.”
After the mining sector recorded a robust growth of 18.9%, increasing its GDP contribution from 11.9% in 2022 to 14.4%, the central bank now expects the industry to experience a marked deceleration, with growth projected at -2.0%.
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