• Contact Us
  • About Us
  • Advertisement
  • Privacy & Policy
Friday, July 25, 2025
SUBSCRIBE
The Brief | Namibia's Leading Business & Financial News
26 °c
Windhoek
22 ° Wed
25 ° Thu
  • Home
  • Companies
    • Finance
    • Agriculture
    • Technology
    • Property
    • Trade
    • Tourism
  • Business & Economy
  • Mining & Energy
  • Opinions
    • Analysis
    • Columnists
  • Africa
  • E-Editions
No Result
View All Result
The Brief | Namibia's Leading Business & Financial News
  • Home
  • Companies
    • Finance
    • Agriculture
    • Technology
    • Property
    • Trade
    • Tourism
  • Business & Economy
  • Mining & Energy
  • Opinions
    • Analysis
    • Columnists
  • Africa
  • E-Editions
No Result
View All Result
The Brief | Namibia's Leading Business & Financial News
Subscribe
No Result
View All Result
TB image banner 750x140
Home News Namibia

Namibia downgraded to lower-middle-income country

by reporter
July 2, 2025
in Namibia
96
A A
122
SHARES
2k
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

Namibia has been reclassified from an upper-middle income to a lower-middle income country, according to the latest World Bank’s FY26 income classification update.

You might also like

Toyota Tsusho to sign agreement to secure Namibia’s green iron

Lawmakers to enforce oversight across key sectors

NamRA nets N$19.9bn in Q1, hits 22% of annual revenue target

Namibia is the only country globally to have moved down an income group in this year’s review.

“Namibia was the only country whose classification moved downward this year, from the ‘upper-middle income’ to the ‘lower-middle income’ category,” the World Bank said in its report.

The reclassification follows a slowdown in economic growth.

The World Bank reported that Namibia’s GDP grew by 3.7% in 2024, down from 4.4% in 2023, citing a sharp contraction in the mining and quarrying sector as a major factor.

Growth in the sector dropped from 19.3% in 2023 to a decline of 1.2% in 2024, which the report attributes to “weak global demand for diamonds”.

Inflation, measured by the GDP deflator, also slowed significantly — from 6.6% in 2023 to 3.3% in 2024, the World Bank noted.

The classification is based on a country’s Gross National Income (GNI) per capita, calculated using the Atlas method.

The World Bank updates the income categories annually and uses them to track global development trends and guide policy.

“The updated country income classifications for FY26, based on the Atlas GNI per capita of 2024, are available. They reveal shifts due to changes in Atlas GNI per capita and classification thresholds,” the report noted.

The World Bank added: “Policymakers should consider these classifications when designing economic policies and strategies. Understanding the factors influencing income classification can guide efforts stimulating economic growth, help manage inflation, and enhance integration into the global economy.”

Globally, the report highlights improvements in various regions.

In Sub-Saharan Africa, the share of low-income countries declined from 75% to 45%, with one country reaching high-income status.

South Asia saw all its countries move out of the low-income group into lower- or upper-middle income categories by 2024.

author avatar
reporter
See Full Bio
Tags: economyincomenamibiaworld bank
Share49Tweet31Share9
Previous Post

Foreign investment into Namibia surges to US$11 billion

Next Post

BoN orders banks to cut gap between repo and lending rates

Recommended For You

Toyota Tsusho to sign agreement to secure Namibia’s green iron

by reporter
July 23, 2025
0
Toyota Tsusho to sign agreement to secure Namibia’s green iron

Toyota Tsusho Corporation is poised to join Namibia’s emerging green industrial space through a memorandum of understanding (MoU) with the Namibian government and HyIron Green Technologies (Pty) Ltd,...

Read moreDetails

Lawmakers to enforce oversight across key sectors

by reporter
July 14, 2025
0
Lawmakers to enforce oversight across key sectors

Namibia’s Parliamentary Standing Committee on Natural Resources has called for stronger accountability across key sectors, warning that absenteeism among senior officials and a focus on profit over public...

Read moreDetails

NamRA nets N$19.9bn in Q1, hits 22% of annual revenue target

by reporter
July 13, 2025
0
NamRA nets N$19.9bn in Q1, hits 22% of annual revenue target

The Namibia Revenue Agency (NamRA) collected N$19.9 billion in net revenue during the first quarter of the 2025/26 financial year, reaching 22.4% of its annual target of N$88.999...

Read moreDetails

Khomas Regional Council invests N$312 million in rural development

by reporter
July 11, 2025
0
Khomas Regional Council invests N$312 million in rural development

The Khomas Regional Council has invested N$312 million in rural development programmes aimed at improving access to education, healthcare, housing, water, and sanitation across the region. The investment,...

Read moreDetails

Public sector auditing gets overhaul with new govt manual

by reporter
July 11, 2025
0
Public sector auditing gets overhaul with new govt manual

The Namibian government has introduced a new Internal Audit Manual aimed at improving financial oversight and ensuring consistent internal audit practices across all public institutions. The manual, which...

Read moreDetails
Next Post
BoN orders banks to cut gap between repo and lending rates

BoN orders banks to cut gap between repo and lending rates

Related News

Namibia imports N$136 million citrus planting materials annually

Namibia imports N$136 million citrus planting materials annually

May 16, 2025
Daures signs agreement to deploy DOT turbine

Daures signs agreement to deploy DOT turbine

May 7, 2024
South Africa testing ‘digital rand’

South Africa testing ‘digital rand’

July 14, 2022

Browse by Category

  • Africa
  • Agriculture
  • Analysis
  • Business & Economy
  • Columnists
  • Companies
  • Finance
  • Finance
  • Fisheries
  • Green Hydrogen
  • Health
  • Investing
  • Latest
  • Market
  • Mining & Energy
  • Namibia
  • namibia
  • News
  • Opinions
  • Property
  • Retail
  • Technology
  • Tourism
  • Trade
The Brief | Namibia's Leading Business & Financial News

The Brief is Namibia's leading daily business, finance and economic news publication.

CATEGORIES

  • Business & Economy
  • Companies
    • Agriculture
    • Finance
    • Fisheries
    • Health
    • Property
    • Retail
    • Technology
    • Tourism
    • Trade
  • Finance
  • Green Hydrogen
  • Investing
  • Latest
  • Market
  • Mining & Energy
  • namibia
  • News
    • Africa
    • Namibia
  • Opinions
    • Analysis
    • Columnists

CONTACT US

Cell: +264814612969

Email: newsdesk@thebrief.com.na

© 2025 The Brief | All Rights Reserved. Namibian Business News, Current Affairs, Analysis and Commentary

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

No Result
View All Result
  • Home
  • Companies
  • Mining & Energy
  • Business & Economy
  • Opinions
    • Analysis
    • Columnists
  • Africa

© 2025 The Brief | All Rights Reserved. Namibian Business News, Current Affairs, Analysis and Commentary

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.