{"id":423917,"date":"2011-05-14T13:16:21","date_gmt":"2011-05-14T13:16:21","guid":{"rendered":"http:\/\/www.ghanamma.net\/2011\/05\/14\/ippr-revises-2011-gdp-estimate-upwards\/"},"modified":"2011-05-14T13:16:21","modified_gmt":"2011-05-14T13:16:21","slug":"ippr-revises-2011-gdp-estimate-upwards","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2011\/05\/14\/ippr-revises-2011-gdp-estimate-upwards\/","title":{"rendered":"IPPR Revises 2011 GDP Estimate Upwards"},"content":{"rendered":"
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\"Namibia<\/a><\/p>\n

Nyasha Francis Nyaungwa<\/p>\n

13 May 2011<\/p>\n

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Economic think tank, the Institute for Public Policy Research has revised upwards its 2011 GDP growth estimate for the local economy, from 3.5% to 4%.<\/p>\n

In its latest bi-monthly publication, Economy Watch, IPPR economist Klaus Schade says GDP growth in the range of 4% is more likely for the local economy this year describing the International Monetary Fund’s (IMF) estimate of 4.8% as ‘too optimistic.’<\/p>\n

“The IMF is sticking to its view that the Namibian economy will grow by 4.8% in 2011 and 4.5% in 2012. The government’s expansionary budget, the commencement of cement production and re-opening of two copper mines support an optimistic outlook.<\/p>\n

“However, the decline in uranium production by 28% during the first quarter of 2011 compared to the last quarter of 2010 (mainly owing to high rainfall in mining areas, lower grades of deposits and lower extraction rates), stagnation in diamond production and a lower output for crop production in the communal areas due to flooding suggest that the IMF prognosis is too optimistic and growth in the range of 4% is more likely.”<\/p>\n

Schade also bemoaned government’s focus on electricity supply instead of focusing on the demand side.<\/p>\n

He said planned diesel and coal-fired power plants in the country will increase Namibia’s dependence on imported fossil fuels and vulnerability to rising international prices and fluctuating exchange rates.<\/p>\n

“The focus appears to be exclusively on the supply side in order to address growing demand. Planned diesel and coal-fired power plants will increase Namibia’s dependence on imported fossil fuels and our vulnerability to rising international prices and fluctuating exchange rates. Electricity generation based on fossil fuels will also contribute to further global warming and climate change,” he said.<\/p>\n

He added that domestically available renewable energy sources are hardly tapped.<\/p>\n

“The sector has so far attracted only one Independent Power Producer that is running a wood gasification plant on a pilot basis. The Ministry of Mines and Energy has just revived its Solar Revolving Fund to the tune of N$10 million in order to encourage private households to invest in solar home systems. We have, however, not yet realised or at least not embraced the potential for fostering local manufacturing, expanding exports and creating “green jobs”, and improving our balance of payments by supporting renewable energy sources,” he said.<\/p>\n

Schade said attractive feed-in tariffs for commercial and private electricity producers, unbundling electricity generation from production and a review of the single buyer position of power utilities would result in a more conducive environment for private investment in renewable energy sources.<\/p>\n

<\/p>\n

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Taken from:
\nIPPR Revises 2011 GDP Estimate Upwards<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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