Opinion – Namibia can boost economic growth and jobs by 2022

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Namibia, like other emerging markets, has a critical need to attract foreign investment while stimulating economic transformation. The investment, delivery and maintenance of infrastructure will play a key role in boosting Namibia’s economy.

A large-scale infrastructure program will stimulate aggregate demand, help revive the construction industry and help create jobs. Efforts will be stepped up to attract private sector investment in the provision of infrastructure as part of building broad-based public-private partnerships (PPP). The pursuit of green industrialization and a green future is an important intervention not only to address the persistent challenges of inequality, poverty and unemployment, but also to provide a sustainable solution to climate vulnerability and boost economic competitiveness. . Green industrialization also guarantees security of supply of energy, food, water and electricity. The macroeconomic framework required to support Namibia’s economic stimulus and national development plans should be underpinned by effective coordination of fiscal and monetary policies as well as the mobilization of other financing instruments to ensure that the plans are sufficiently effective. funded while maintaining financial sustainability.

Promoting good governance through the establishment of sound fiscal stewardship will be a key area. In this regard, concerted efforts will be directed towards prudent financial management, while spending will be in line with political priorities, which goes hand in hand with public accountability and transparency. The relationship between stimulating economic growth and employment is one of the cornerstones of national strategies. Stimulation of economic growth should result from an appropriate combination of employment growth and productivity growth. The creation of jobs and income is crucial for development. This is why the creation of new jobs, but also the improvement of incomes and working conditions for existing jobs, is extremely important.

Innovations and technologies stimulate economic growth and employment, but also to overcome other key development problems. On the other hand, the magnitude and evolution of the effect of the process of stimulating economic growth on employment differs depending on other factors such as the rate of introduction of technical progress, institutional changes specific to the economy. labor market, wage policies among others.

A brilliant stakeholder initiative to increase the value of the basic minimum wage for agricultural workers to N $ 1,653.00 per month as of January 1, 2022. Bravo, Namibia.

Entrepreneurship is nothing new in Namibia. A large part of the jobs generated by the economy will be self-employment in the informal sector. These independent entrepreneurs need cross training, going beyond production skills to include marketing, finance, accounting and basic management. Such skills cannot be developed through formal formal training, but require the supervision of mentors in real business conditions. In order to promote self-employment as a means of job creation and to promote entrepreneurship for job creation, the government of Micro, Small and Medium Enterprises facilitates the promotion, development and improvement of the competitiveness of Micro , Small and medium enterprises. Over time, the government implemented policies for the promotion of small industries, which included granting concessional credit, training in entrepreneurship development, and marketing assistance. But entrepreneurial growth has not taken off in a significant way in Namibia compared to other countries due to the procedural issues, strict labor laws and economic regulations, among others, that establishments have had to contend with. The demand for bid security affects small business owners, among others. The country to stimulate economic growth some of the requirements should be avoided by the government. In both urban and rural areas there may not be an impressive increase in paid employment, but there will likely be enough room for self-employment. Emphasis must therefore be placed not on salaried jobs but on the creation of self-employed workers or entrepreneurs. The entire training and education system should focus on the development of entrepreneurship.

The need for greater economic integration for Namibia is still urgent. In addition, by carefully calibrating policies to improve growth. Namibia must work together to promote peace and stability while tackling trade barriers, climate change, corruption, cybersecurity and the opportunities and challenges of the Fourth Industrial Revolution. A healthy and educated working-age population is the cornerstone of sustainable and inclusive economic success. It raises the standard of living and the dignity of people. I tend to agree with the World Bank’s conclusion that adequate levels of health, coupled with quality education for children, are a great indicator of the future progress of an economy. Now is the time to act boldly and quickly.

In conclusion, we live in a time when jobs are no longer secure or plentiful. We are increasingly called upon to be autonomous, to take risks and initiatives and to generate our own income. Thus, entrepreneurial activity must become the cornerstone of stimulating economic growth in Namibia and can be an important source of net job creation, which the country badly needs. Boosting entrepreneurship, which is weak in Namibia compared to other emerging economies, and developing small businesses can also be key to boosting economic growth and job creation. If this goal is met, the goal of job creation through self-employment would be met, as self-employment is the answer to provide jobs for the huge proportion of the population in the economically working age group. . As startups emerge as major job creators, the government needs to put in place an appropriate policy framework for startups.

2021-11-26 Journalist

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