Feature: Namibians embrace New Year with expectations for economic revival

OSHAKATI, Namibia, Jan. 3 (Xinhua) -- Namibians are welcoming the New Year, with expectations for better business prospects and an easing of the economic burden.

Paulina Lugambo, from the Oshana region in Namibia's north, ushered in the new year with high hopes for better economic prospects to emerge from the 2023 challenges of high commodity prices.

"Last year was difficult; it drained budgets, and we struggled with mental health. I wish for 2024 to offer a better chance to life and well-being," she said. In 2023, Namibia witnessed surging inflation, which stood at 5.7 percent in November, according to Namibia Statistics Agency.

Lugambo, who possesses a degree in public administration from the University of Namibia, said 2023 also marked another year of not securing a full-time job, resorting to running multiple ventures selling food, clothes, and confectionery, which she struggled to keep afloat.

"But I am glad to try again this year while praying for a job with more national energy projects running," said the 36-year-old, who hopes to tap into opportunities offered by the green hydrogen initiative in the new year as Namibia seeks to become a hub of clean energy and green industries.

Other entrepreneurs also hope for better business growth. Dalene Stephanus, who runs the Food Lab at the coastal town of Swakopmund, a popular tourist destination, plans to expand her catering business, encouraged by the country's recorded gross domestic product growth of 7.2 percent in the third quarter of last year.

"To tap into the growing tourism industry by fusing culinary art with tradition and creating unique experiences. Also, be optimistic that the tourism arrivals trajectory remains," Stephanus said.

According to the 2022 Tourism Arrival Statistical Report published by the Ministry of Environment, Forestry and Tourism, tourist arrivals in Namibia rose from 232,756 in 2021 to 461,027 in 2022, an increase of 98.1 percent. The increase was attributed to relaxed COVID-19 restriction measures and the implementation of the country's Tourism Sector Recovery Plan.

The tourism industry contributes about 15 percent to 18 percent to the Namibian economy, according to a socioeconomic study released by Simonis Storm Securities, a local research firm, in August 2023.

Romeo Muyunda, the spokesperson of the environment ministry, said that the government is witnessing growth in the tourism sector fast returning to pre-COVID-19 performance.

Namibian President Hage Geingob in his New Year message delivered Sunday acknowledged that the government executed various initiatives and policies in 2023 to foster collective prosperity and stressed economic revival and social progression for 2024.

Geingob said that in the New Year, the government has embarked upon several interventions to stimulate growth across the various sectors of the economy. Major interventions include the conclusion of the construction of three pilot projects in green hydrogen space, the development of green maritime corridors, and the cultivation of giant kelp forests.