Macroeconomic Forecast Namibia

In our view, economic growth bottomed out in 2009. We expect real GDP expansion to accelerate from an estimated -0.8% in 2009 to 3.6% in 2010, and average 5.1% through our five-year forecast period on the back of a revival in private consumption growth and improving external demand conditions. Financial instability in the EU and a burst in China's property bubble, which would have an undesirable impact on commodity prices and foreign investment, provide the main risks to our outlook.

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