The Bank of Namibia (BoN) and partners will on Tuesday launch a report aimed at understanding and addressing the informal economy to promote inclusive and sustainable economic growth.
The report will be launched in collaboration with the Ministry of Industries, Mines and Energy, the Ministry of Justice and Labour Relations and the United Nations, and is titled the ‘National Diagnostic of Informality in Namibia Report’.
BoN governor Johannes !Gawaxab in a statement released on Friday says the detailed and informative report seeks to enhance the nation’s understanding of the informal economy, emphasising its various characteristics, its extent, and the main factors that contribute to its ongoing presence.
“It seeks to identify practical pathways and strategic interventions that can effectively address the challenges associated with informality, while exploring opportunities for inclusive growth and sustainable development,” the statement reads.
It mentions that the report provides important information and analysis to assist policymakers, development partners, and stakeholders in creating specific policies and programmes to encourage formalisation and to strengthen the economy.
“Informality affects income security, access to social services, taxation, and regulatory compliance, thereby impacting social equity and economic stability,” the statement adds, noting that, recognising the importance of addressing these issues, the report aims to serve as a foundation for designing effective interventions that promote formalisation, enhance economic participation and support social development.”
The launch event will bring together government officials, development partners, private sector representatives and other key stakeholders to discuss the findings and implications of the report.
It will also serve as a platform to foster dialogue, share insights and build consensus on strategic actions needed to harness the full potential of Namibia’s informal economy for sustainable national growth, the statement says.
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