{"id":44786,"date":"2023-05-13T18:09:22","date_gmt":"2023-05-13T18:09:22","guid":{"rendered":"https:\/\/www.africa-press.net\/namibia\/all-news\/depreciation-of-south-african-rand-threatens-namibias-economic-growth-expert"},"modified":"2023-05-13T18:41:16","modified_gmt":"2023-05-13T18:41:16","slug":"depreciation-of-south-african-rand-threatens-namibias-economic-growth-expert","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/namibia\/all-news\/depreciation-of-south-african-rand-threatens-namibias-economic-growth-expert","title":{"rendered":"Depreciation of South African rand threatens Namibia\u2019s economic growth: expert"},"content":{"rendered":"

Africa-Press – Namibia. <\/strong><\/span>The Namibian economy, which is closely linked to South Africa, with the Namibia dollar pegged one-to-one to the South African rand, is set to feel the ripple effects of geopolitical tensions, a Namibia expert told Xinhua Friday.<\/p>\n

Namibian economic analyst and researcher Josef Sheehama highlighted this following the South African rand recently weakening past 19 rands per U.S. dollar for the first time since COVID-19.<\/p>\n

\u201cSouth Africa is Namibia\u2019s major import partner of about 66 percent to 80 percent of total imports. It is early to tell if economic sanctions will be imposed against South Africa, should it be true as alleged by Western countries that South Africa aids material support to countries in conflict, the effects of any sanction will affect Namibia\u2019s economy and local market, even if we don\u2019t have the same problems as South Africa, we are still exposed to all the external factors,\u201d he told Xinhua.<\/p>\n

Sheehama said with Namibia\u2019s current narrow industrial and export base, it is going to be difficult to withstand the external shocks.<\/p>\n

\u201cOur economy is reliant on a portion of sectors such as fishing, diamonds, and uranium mining. Therefore, should the variables influencing the pair continue at their current state, the rand\/Namibia dollar will find it difficult to regain any momentum,\u201d he said.<\/p>\n

According to Sheehama, there is a need to understand that a weaker currency could increase the cost of imports, as Namibia uses U.S. dollars to buy oil and other commodities and the negative market sentiments cause capital flight.<\/p>\n

Sheehama is of the view that the geopolitical shifts are likely to put incremental pressure on the rand\/Namibia dollar over time.<\/p>\n

\u201cHowever, cumulatively, they may start to change investors\u2019 minds on the currency. If they do, the rand\/Namibia dollar has a long way to fall given relative depreciation. If momentum builds behind a weakening rand\/Namibia dollar, it will have significant repercussions across financial markets,\u201d he concluded.<\/p>\n

According to the Bank of Namibia\u2019s economic outlook update report in March, Namibia\u2019s economic growth already is expected to weaken over the next two years as global demand declines and consumer spending power reduces.<\/p>\n

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

Africa-Press – Namibia. The Namibian economy, which is closely linked to South Africa, with the Namibia dollar pegged one-to-one to the South African rand, is set to feel the ripple effects of geopolitical tensions, a Namibia expert told Xinhua Friday. Namibian economic analyst and researcher Josef Sheehama highlighted this following the South African rand recently […]<\/p>\n","protected":false},"author":84,"featured_media":44785,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[234,236,233],"class_list":["post-44786","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-namibia","tag-namibia"],"yoast_head":"\nDepreciation of South African rand threatens Namibia\u2019s economic growth: expert - Namibia<\/title>\n<meta name=\"description\" content=\"The Namibian economy, which is closely linked to South Africa, with the Namibia dollar pegged one-to-one to the South Af ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/namibia\/all-news\/depreciation-of-south-african-rand-threatens-namibias-economic-growth-expert\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Depreciation of South African rand threatens Namibia\u2019s economic growth: expert\" \/>\n<meta property=\"og:description\" content=\"The Namibian economy, which is closely linked to South Africa, with the Namibia dollar pegged one-to-one to the South Af ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/namibia\/all-news\/depreciation-of-south-african-rand-threatens-namibias-economic-growth-expert\" \/>\n<meta property=\"og:site_name\" content=\"Namibia\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2023-05-13T18:09:22+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-05-13T18:41:16+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/nambia\/sites\/29\/2023\/05\/postQueueImg_1683985167.89.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"720\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/depreciation-of-south-african-rand-threatens-namibias-economic-growth-expert#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/depreciation-of-south-african-rand-threatens-namibias-economic-growth-expert\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Depreciation of South African rand threatens Namibia\u2019s economic growth: expert\",\"datePublished\":\"2023-05-13T18:09:22+00:00\",\"dateModified\":\"2023-05-13T18:41:16+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/depreciation-of-south-african-rand-threatens-namibias-economic-growth-expert\"},\"wordCount\":382,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/depreciation-of-south-african-rand-threatens-namibias-economic-growth-expert#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/nambia\/sites\/29\/2023\/05\/postQueueImg_1683985167.89.jpg\",\"keywords\":[\"africa press\",\"Africa Press-Namibia\",\"namibia\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/namibia\/all-news\/depreciation-of-south-african-rand-threatens-namibias-economic-growth-expert#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/depreciation-of-south-african-rand-threatens-namibias-economic-growth-expert\",\"url\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/depreciation-of-south-african-rand-threatens-namibias-economic-growth-expert\",\"name\":\"Depreciation of South African rand threatens Namibia\u2019s economic growth: expert - 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