National Planning Commission Chief National Development Adviser, Sylvester Mbangu said Namibia did not make strides in changing the structure of its economy which consists of a large informal sector, resulting in the majority of the population being in vulnerability.

Speaking at the launch of the Sixth National Development Plan (NDP6) formulation process here yesterday, Mbangu said for the past 30 years the structure of the economy consists of a large informal sector where the majority of the population earn low wages with no formalised contracts.

This, he said should be of consideration in the NDP6 formulation covering the period of 2024/25 to 2030/31 financial years aimed at addressing Namibia’s ambitions and ultimately improving the standard of living of Namibians.

He explained that Namibian sectors that propel economic growth such as agriculture, mining and fishing amongst others are of low economic complexity and do not allow for much innovation, resulting in an uncompetitive economy.

“Our economy depends much on external sectors without export, we produce what we do not consume and that of which we produce we export it. So our economic growth is volatile because we experience external factors and these are the challenges we are experiencing,” he noted.

Source: The Namibian Press Agency