Namibian economy expected to slow in 2024: central bank.

  WINDHOEK, April 10 -- The Namibian economy is expected to slow down in 2024, declining from a growth rate of 4.2 percent in 2023 to 3.7 percent, before showing a modest improvement to 4.1 percent in 2025 due to weaker global demand and reduced growth in the primary industry, the Bank of Namibia said in its March Economic Outlook on Tuesday.
   According to the central bank, GDP growth is expected to improve slightly in 2025, mainly due to a resurgence of activity in the agricultural and mining sectors.
   The latest projections for 2024 and 2025 reflect upward revisions of 0.3 and 1.0 percentage points, respectively, from similar projections published in the December 2023 Economic Outlook update.
   Risks to the outlook include water supply constraints, drought conditions, and high costs of key imports.
   "Domestic risks include water supply interruptions that could continue to affect mining production at the coast. Possible adverse weather shock which could cause spikes in food prices coupled with supply chain disruptions from global trade flows," the bank said. 

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