Namibia’s 2025/26 Budget Outlook – Risks, Realities, and Market Sentiment

In the intricate process of budget formulation and the balance between projected revenues, expenditures, and borrowing costs is often treated as a precise science. However, beneath this veneer of rationality lies a far more unpredictable force: the psychology of markets.

Keynes’s concept of animal spirits reveals that economic decisions are rarely based solely on cold, hard facts – they are driven by instinct, emotion, and sometimes irrational exuberance. A country’s budget, therefore, isn’t just…