{"id":29207,"date":"2022-09-05T16:20:00","date_gmt":"2022-09-05T16:20:00","guid":{"rendered":"https:\/\/www.africa-press.net\/namibia\/all-news\/time-to-innovate-and-reinvent-namibian-economy"},"modified":"2022-09-05T16:20:00","modified_gmt":"2022-09-05T16:20:00","slug":"time-to-innovate-and-reinvent-namibian-economy","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/namibia\/economy\/time-to-innovate-and-reinvent-namibian-economy","title":{"rendered":"Time to Innovate and Reinvent Namibian Economy"},"content":{"rendered":"

Africa-Press – Namibia. <\/strong><\/span>Josef Sheehama<\/p>\n

THE NEW NORMAL will continue and will accelerate the move towards digital spaces, which, without in-person interaction, are abstract and hard for many to grasp.<\/p>\n

Josef Sheehama<\/p>\n

THE NEW NORMAL will continue and will accelerate the move towards digital spaces, which, without in-person interaction, are abstract and hard for many to grasp.<\/p>\n

When we lost our physical nearness, we created emotional bridges that connected us in new and significant ways.<\/p>\n

It turns out it took constrained distancing to bring out our most complete and true human nature.<\/p>\n

The Namibia Statistics Agency released national account figures with revisions that pointed to more positive momentum in the economy.<\/p>\n

Namibia’s gross domestic product (GDP) increased to N$181,9 billion in 2021, from N$174,2 billion in 2020.<\/p>\n

Official figures show the GDP growth rate was estimated at 2,7% for 2021.<\/p>\n

Whether growth picks up beyond a modest cyclical rebound will depend on the government’s ability to deliver against high expectations to reduce policy uncertainty and accelerate structural policies that can raise the growth potential of the Namibian economy more meaningfully.<\/p>\n

The gradual relaxation of Covid-19 restrictions aided our economy to rebound, enabling the movement of people between countries, which has led to an improved economy.<\/p>\n

The most recent economic update simulates various reform scenarios and their impact on jobs, poverty, and inequality.<\/p>\n

It holds some potential good news for Namibia. We have also noted an annual growth of 14,3% in gross fixed capital formation recorded in 2021, compared to 13,4% in 2020.<\/p>\n

Furthermore, Namibia’s private consumption accounted for 75,1% of its GDP in 2021, compared to the previous year.<\/p>\n

Private consumption includes all purchases made by consumers, such as food, housing, and energy. It also includes durable goods such as cars, but not households’ purchases of dwellings, which are counted as household investment.<\/p>\n

This means private consumption accounts for the largest part of GDP.<\/p>\n

It is the key engine that drives economic growth.<\/p>\n

Government spending reduced by 0,30% in 2021, compared to expenditure levels of 2020.<\/p>\n

Government expenditure is vital in influencing the economy. It forms aggregate demand in addition to household consumption, business investment, and net exports. Therefore these changes will affect the economy.<\/p>\n

When it increases, aggregate demand increases, and we expect the economy to grow.<\/p>\n

Conversely, when the government cuts its spending, aggregate demand declines, and so does the economy.<\/p>\n

Therefore, in response to the financial slowdown and its impact on the economy, the government plays a key role by increasing its spending to boost economic growth.<\/p>\n

I believe only businesses with the agility and adaptability to meet volume spikes, market changes, and business disruptions would thrive in the new normal.<\/p>\n

At the same time big players and agile innovators alike would need to balance technology adoption with creative approaches to maintain a sense of community and shared culture.<\/p>\n

The competitive, technical economic and social environments are all in flux, and businesses need to quickly transform their operations to meet the new normal.<\/p>\n

This is also the time for businesses to think about their futures, and, where possible, to divest non-core or underperforming assets to structure their portfolios in a manner that reflects efficiency and value creation.<\/p>\n

This is a defining moment, which calls for Namibian companies to innovate and break new ground.<\/p>\n

The safety of employees should also be highly prioritised to help them cope with the already difficult times.<\/p>\n

This is a time for businesses to reinvent to be able to better support customers, optimise for a digital future, and to become more agile in their operations. Change is always a big challenge, and more so an organisations’ preparedness and readiness to transform.<\/p>\n

Additionally, there are several commonalities that present themselves to businesses of all sizes.<\/p>\n

DIVERSIFY FAST<\/p>\n

The question to ask is: What are some of the major opportunities and shifts that will dominate the business landscape, and can organisations rise to take advantage of these evolving market dynamics?<\/p>\n

Diversification could be a solution to your business. A sudden drop in the economy could potentially kill your business if the business has no contingencies in place for such situations.<\/p>\n

Your priority before any diversification should be to make your core business stable in terms of both capital and resources.<\/p>\n

Your core business is what would fund the diversification for some time. Remember, even a well-established business can suffer if resources are spread too thin. So, management teams must not only have the responsibility, but must also be empowered to move things forward.<\/p>\n

Moreover, economic control is not merely the control of a sector of human life, which can be separated from the rest. It is also the control of the means for all our ends.<\/p>\n

Therefore, the national development plans (NDPs) are very important in redefining the future of the Namibian economic recovery and growth plan.<\/p>\n

Proper implementation of the NDPs would restructure the economy and could put the country onto a sustained higher growth path.<\/p>\n

We now need to look at public policies to ensure these benefits become permanent. Having been catapulted into the digital future, we must make the most of this opportunity by doubling down on digital transformation.<\/p>\n

Investing in new digital capacity, infrastructure and technologies would be a key element of the recovery effort. We have gone through an accelerated digital learning cycle due to the pandemic.<\/p>\n

The government, by involving the private sector in the new normal will have a partner that is focused on maximising profits from operating and maintaining infrastructure.<\/p>\n

Furthermore, inflationary pressures are expected to rise in 2022, and the Bank of Namibia will continue to tighten monetary policy, further crushing inflation expectations.<\/p>\n

The fiscal deficit and public debt levels are expected to remain elevated as the government implements its ambitious economic recovery programme and limits the fiscal space needed for infrastructure and human capital investment.<\/p>\n

To that end, in this time of unprecedented change, there is a very real element of societal transformation that we can expect, with a more direct impact on how we live and work.<\/p>\n

But adapting to this new normal requires a collaborative effort which calls for unity between private sector and government leaders.<\/p>\n

The question is: Are we ready to be bold and take a long-term view, with the aim of driving progress for a healthy, economic future?<\/p>\n

Therefore, the time to reinvent and innovate Namibia’s economy is now.<\/p>\n

* Josef Sheehama is a banking industry professional with 19 years of experience. He writes in his personal capacity.<\/p>\n

When we lost our physical nearness, we created emotional bridges that connected us in new and significant ways.<\/p>\n

It turns out it took constrained distancing to bring out our most complete and true human nature.<\/p>\n

The Namibia Statistics Agency released national account figures with revisions that pointed to more positive momentum in the economy.<\/p>\n

Namibia’s gross domestic product (GDP) increased to N$181,9 billion in 2021, from N$174,2 billion in 2020.<\/p>\n

Official figures show the GDP growth rate was estimated at 2,7% for 2021.<\/p>\n

Whether growth picks up beyond a modest cyclical rebound will depend on the government’s ability to deliver against high expectations to reduce policy uncertainty and accelerate structural policies that can raise the growth potential of the Namibian economy more meaningfully.<\/p>\n

The gradual relaxation of Covid-19 restrictions aided our economy to rebound, enabling the movement of people between countries, which has led to an improved economy.<\/p>\n

The most recent economic update simulates various reform scenarios and their impact on jobs, poverty, and inequality.<\/p>\n

It holds some potential good news for Namibia. We have also noted an annual growth of 14,3% in gross fixed capital formation recorded in 2021, compared to 13,4% in 2020.<\/p>\n

Furthermore, Namibia’s private consumption accounted for 75,1% of its GDP in 2021, compared to the previous year.<\/p>\n

Private consumption includes all purchases made by consumers, such as food, housing, and energy. It also includes durable goods such as cars, but not households’ purchases of dwellings, which are counted as household investment.<\/p>\n

This means private consumption accounts for the largest part of GDP.<\/p>\n

It is the key engine that drives economic growth.<\/p>\n

Government spending reduced by 0,30% in 2021, compared to expenditure levels of 2020.<\/p>\n

Government expenditure is vital in influencing the economy. It forms aggregate demand in addition to household consumption, business investment, and net exports. Therefore these changes will affect the economy.<\/p>\n

When it increases, aggregate demand increases, and we expect the economy to grow.<\/p>\n

Conversely, when the government cuts its spending, aggregate demand declines, and so does the economy.<\/p>\n

Therefore, in response to the financial slowdown and its impact on the economy, the government plays a key role by increasing its spending to boost economic growth.<\/p>\n

I believe only businesses with the agility and adaptability to meet volume spikes, market changes, and business disruptions would thrive in the new normal.<\/p>\n

At the same time big players and agile innovators alike would need to balance technology adoption with creative approaches to maintain a sense of community and shared culture.<\/p>\n

The competitive, technical economic and social environments are all in flux, and businesses need to quickly transform their operations to meet the new normal.<\/p>\n

This is also the time for businesses to think about their futures, and, where possible, to divest non-core or underperforming assets to structure their portfolios in a manner that reflects efficiency and value creation.<\/p>\n

This is a defining moment, which calls for Namibian companies to innovate and break new ground.<\/p>\n

The safety of employees should also be highly prioritised to help them cope with the already difficult times.<\/p>\n

This is a time for businesses to reinvent to be able to better support customers, optimise for a digital future, and to become more agile in their operations. Change is always a big challenge, and more so an organisations’ preparedness and readiness to transform.<\/p>\n

Additionally, there are several commonalities that present themselves to businesses of all sizes.<\/p>\n

DIVERSIFY FAST<\/p>\n

The question to ask is: What are some of the major opportunities and shifts that will dominate the business landscape, and can organisations rise to take advantage of these evolving market dynamics?<\/p>\n

Diversification could be a solution to your business. A sudden drop in the economy could potentially kill your business if the business has no contingencies in place for such situations.<\/p>\n

Your priority before any diversification should be to make your core business stable in terms of both capital and resources.<\/p>\n

Your core business is what would fund the diversification for some time. Remember, even a well-established business can suffer if resources are spread too thin. So, management teams must not only have the responsibility, but must also be empowered to move things forward.<\/p>\n

Moreover, economic control is not merely the control of a sector of human life, which can be separated from the rest. It is also the control of the means for all our ends.<\/p>\n

Therefore, the national development plans (NDPs) are very important in redefining the future of the Namibian economic recovery and growth plan.<\/p>\n

Proper implementation of the NDPs would restructure the economy and could put the country onto a sustained higher growth path.<\/p>\n

We now need to look at public policies to ensure these benefits become permanent. Having been catapulted into the digital future, we must make the most of this opportunity by doubling down on digital transformation.<\/p>\n

Investing in new digital capacity, infrastructure and technologies would be a key element of the recovery effort. We have gone through an accelerated digital learning cycle due to the pandemic.<\/p>\n

The government, by involving the private sector in the new normal will have a partner that is focused on maximising profits from operating and maintaining infrastructure.<\/p>\n

Furthermore, inflationary pressures are expected to rise in 2022, and the Bank of Namibia will continue to tighten monetary policy, further crushing inflation expectations.<\/p>\n

The fiscal deficit and public debt levels are expected to remain elevated as the government implements its ambitious economic recovery programme and limits the fiscal space needed for infrastructure and human capital investment.<\/p>\n

To that end, in this time of unprecedented change, there is a very real element of societal transformation that we can expect, with a more direct impact on how we live and work.<\/p>\n

But adapting to this new normal requires a collaborative effort which calls for unity between private sector and government leaders.<\/p>\n

The question is: Are we ready to be bold and take a long-term view, with the aim of driving progress for a healthy, economic future?<\/p>\n

Therefore, the time to reinvent and innovate Namibia’s economy is now.<\/p>\n

* Josef Sheehama is a banking industry professional with 19 years of experience. He writes in his personal capacity.<\/p>\n

For More News And Analysis About Namibia<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Namibia. Josef Sheehama THE NEW NORMAL will continue and will accelerate the move towards digital spaces, which, without in-person interaction, are abstract and hard for many to grasp. 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Josef Sheehama THE NEW NORMAL will continue and will accelerate the move towards digital spaces, which, without in-person interaction, are abstract and hard for many to grasp. 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