FLASH BACKS…2003, Oh what a year it was.

When the years were good. From our perusal of economic documents we picked 2003 as one of the years that were really good for Namibians. Year 2013 was also not bad – with a 15.1 GDP growth, but we rather tell you about 2003.

Our economy grew by 3.7 percent “which [was] the highest growth rate recorded in the last six years”. We had it so good that we danced in the rain, in literal sense, as our agricultural output was good “after a good rain season and good weather”. Mining companies were recovering diamonds by the buckets, so much so even when one diamond company did close shop no one cared and it did little to the country’s overall output. The closure simply did not matter; we still recorded a positive figure. In fact, it was projected that 2004/5 would even come with higher demand for diamonds at 34.7 percent. Fish landings – thanks to pelagic and demersal – made every fisherman happy and do not mention the fish quota holders and the fishing BEE magnate. Not even the bad weather projections could dampen our spirits because, opined the Bank of Namibia outlook report for 2004/5, “the oceanic conditions are expected to improve and the sector is expected to grow by 6.8 percent”. – Compiled from Bank of Namibia 2004/05 Economic Outlook Report.

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