Namibia’s entrepreneurial decline sparks concern as youth unemployment soars

[PODCAST]

Namibia is experiencing a sharp drop in entrepreneurial activity, with the number of people identifying as employers falling from about 45 000 in 2018 to just 15 000 in 2023. The loss of 30 000 small and medium businesses threatens the stability of an economy already struggling with high joblessness.

Youth unemployment stands at 44.4% and rises to over 61% when discouraged jobseekers are counted. Yet only 19% of young Namibians say they would consider starting a business, raising concerns about the country’s future economic resilience.

Economist Rodney Hoaeb shares insight on what’s driving this decline and what it means for Namibia’s growth prospects.