Editing Economy of Namibia (section)

==Overview==
Namibia is a higher-middle-income country with an annual GDP per capita of N$79,431 in 2022, but has extreme inequalities in [[income distribution]] and standard of living.<ref>{{Cite web
|title=Independent Evaluation of the UNDP Country Programme Document
|publisher=[[UNDP]]
|url=http://erc.undp.org/evaluationadmin/downloaddocument.html?docid=3761
|format=doc
|access-date=7 July 2010}}</ref> It has the second-highest [[Gini coefficient]] out of all nations, with a coefficient of 59.1 as of 2015.<ref name=":0">{{Citation|title=Namibia|date=2021-09-22|url=https://www.cia.gov/the-world-factbook/countries/namibia/#economy|work=The World Factbook|publisher=Central Intelligence Agency|language=en|access-date=2021-09-23}}</ref> Only South Africa has a higher Gini coefficient.<ref>{{Cite web|title=Gini Index coefficient – distribution of family income - The World Factbook|url=https://www.cia.gov/the-world-factbook/field/gini-index-coefficient-distribution-of-family-income/country-comparison|access-date=2021-09-23|website=www.cia.gov}}</ref> However, this statistic may be misleading, as many Namibians in rural areas such as the northern regions do not live on the monetary system are self-sustainable with agriculture and farming.

Since independence, the [[Politics of Namibia|Namibian Government]] has pursued free-market economic principles designed to promote commercial development and job creation to bring disadvantaged Namibians into the economic mainstream.  To facilitate this goal, the government has actively courted donor assistance and [[foreign direct investment|foreign investment]]. The liberal [[Foreign Investment Act of 1990]] provides guarantees against [[nationalisation]], freedom to remit capital and profits, currency convertibility, and a process for settling disputes equitably. Namibia also is addressing the sensitive issue of agrarian [[land reform]] in a pragmatic manner. However, the government [[List of state-owned enterprises in Namibia|runs and owns a number of companies]] such as [[TransNamib]] and [[NamPost]], most of which need frequent financial assistance to stay afloat.<ref>{{cite news
|title=Government income from SOEs 2013/2014-2015-2016
|publisher=[[Insight Namibia]]
|date=April 2013
|page=21}}</ref><ref>{{cite news
|title=Payments and transfers to SOEs 2013/2014-2015-2016
|publisher=[[Insight Namibia]]
|date=April 2013
|page=22}}</ref>

The country's sophisticated formal economy is based on capital-intensive industry and farming. However, Namibia's economy is heavily dependent on the earnings generated from primary commodity exports in a few vital sectors, including minerals, especially diamonds, livestock, and fish. Furthermore, the Namibian economy remains integrated with the economy of South Africa, as 47% of Namibia's imports originate from there.<ref name=":0" />

In 1993, Namibia became a signatory of the [[General Agreement on Tariffs and Trade]] (GATT), and the Minister of Trade and Industry represented Namibia at the Marrakech signing of the [[Uruguay Round Agreement]] in April 1994. Namibia also is a member of the [[International Monetary Fund]] and the [[World Bank]].

In January 2021, President [[Hage Geingob]] formed the Namibia Investment Promotion and Development Board (NIPDB) led by [[Nangula Nelulu Uaandja]]. The NIPDB commenced operations as an autonomous entity in the Namibian Presidency and was established to reform the country's economic sector.