Economy
Namibia’s economy is tied closely to South Africa’s due to their shared history. The largest economic sectors are mining (10.4% of the gross domestic product in 2009), agriculture (5.0%), manufacturing (13.5%), and tourism.
Namibia has a highly developed banking sector with modern infrastructure, such as Online Banking, Cellphone Banking, etc. The Bank of Namibia (BoN) is the central bank of Namibia responsible to perform all other functions ordinarily performed by a central bank. There are four BoN authorised commercial banks in Namibia: Bank Windhoek, First National Bank, Nedbank & Standard Bank.
Namibia has a high unemployment rate. "Strict unemployment" (people actively seeking a full-time job) stood at 20.2% in 2000, 21.9% in 2004 and spiraled to 29.4% in 2008. Under a broader definition (including people that have given up searching for employment) unemployment rose from 36.7% in 2004 to 51.2% in 2008. This estimate considers people in the informal economy as employed. Labour and Social Welfare Minister Immanuel Ngatjizeko praised the 2008 study as "by far superior in scope and quality to any that has been available previously", but its methodology has also received criticism.
Approximately half the population live below the international poverty line of U.S.$1.25 a day. There are a number of legislative measures in place to alleviate poverty and unemployment. In 2004 a labour act was passed to protect people from job discrimination stemming from pregnancy and HIV/AIDS status. In early 2010 the Government tender board announced that "henceforth 100 per cent of all unskilled and semi-skilled labour must be sourced, without exception, from within Namibia".
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Famous quotes containing the word economy:
“The aim of the laborer should be, not to get his living, to get “a good job,” but to perform well a certain work; and, even in a pecuniary sense, it would be economy for a town to pay its laborers so well that they would not feel that they were working for low ends, as for a livelihood merely, but for scientific, or even moral ends. Do not hire a man who does your work for money, but him who does it for love of it.”
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