Bank of Namibia
Bank of Namibia

The Bank of Namibia (BoN) will host its 20th Annual Symposium under the theme “Escaping the Middle-Income Trap”, BoN announced in a statement on Friday.

The symposium will be officiated by Prime Minister Saara Kuugongelwa-Amadhila on Thursday next week in Windhoek.

Business24

“Hosting of the Annual Symposium has been part of the bank’s calendar since 1998, bringing together experts; international and local policy makers, academics, and relevant stakeholders to engage and make recommendations on various areas of national development in line with aspirations of Vision 2030, and National Development Plans (NDPs),” said the statement.

According to the statement, GDP growth rates had been on an upward trajectory over a number of years, averaging 3.5 percent between 1990 and 1999, then increasing to 4.3 percent between 2000 and 2009. During 2010-2015, average growth rate was 5.7 percent, mainly due to an expansionary fiscal policy and the construction of large mines.

“It is envisaged that the Symposium will provide a platform to understand the notion of middle-income trap with reference to Namibia and to devise strategies and policy options to exit such a trap and become an industrialized state in line with Vision 2030,” the statement reads.

Topics that will be discussed include, Is Namibia in a middle-income trap? This presentation highlights the economic patterns since independence, using middle-income trap criteria and definitions; Escaping the middle-income trap: international experiences, this topic will review cases from countries that have successfully moved out of the middle-income trap, especially the Latin and Asian economies.

Other topic to be discussed is “Notes on the middle – income trap and how Namibia could avoid it” this topic will be proving analysis of the middle-income trap and how Namibia could avoid the trap, drawing from international experience.

“As a precursor to the symposium, the Bank of Namibia will also co-host a public lecture in collaboration with the Namibia University of Science and Technology on the topic: If industrialisation has become a hard endeavour, what can today’s developing countries do to progress fast?” the statement reads. Enditem

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