Namibia follows global trends in terms of the informal economy’s contribution to overall economic health. This is according to industrialisation and trade minister Lucia Ipumbu, who said it is estimated the informal economy contributes about 24% of the country’s GDP and around 56% of the labour force.Buy vitamins and supplements
These significant inputs further justify the formalisation of the informal economy.
Iipumbu added the informal economy is, therefore, a key lever for ensuring sustainable livelihoods, as well as innovative and dynamic entrepreneurship, particularly for vulnerable or less educated citizens, such as women and youth, who may have inclusivity limitations in the formal economy.