Impact of Education on Sustainable Economic Development in Emerging Markets—The Case of Namibia’s Tertiary Education System and its Economy

Abstract

The research’s fundamental investigation elaborates on interactions between tertiary educational factors and Namibia’s sustainable economic development. Sequential mixed-research-method guides the investigation towards its results: A quantitative statistical data analysis enables the selection of interrelated educational and economic factors and monitors its development within Namibia’s last three decades. Subsequent qualitative interviews accumulate respondents’ subjective assessments that enable answering the fundamental interaction. Globally evident connections between a nation’s tertiary education system and its economic development are partially confirmed within Namibia. The domestic government recognizes the importance of education that represents a driving force for its sustainable economic development. Along with governmental NDP’s (National Development Program) and its long-term Vision 2030, Namibia is on the right track in transforming itself into a Knowledge-Based and Sustainable Economy. This transformation process increases human capital, growing GDP, and enhances domestic’s living standards. Namibia’s multiculturalism and its unequal resource distribution provoke difficulties for certain ethnicities accessing educational institutions. Namibia’s tertiary education system’s other challenges are missing infrastructures, lacking curricula’ quality, and absent international expertise. The authors’ findings suggest that, due to Namibia’s late independence, there is a substantial need to catch up in creating a Namibian identity. Socioeconomic actions would enhance domestic’s self-esteem and would enable the development of sustainable economic sectors. Raising the Namibian tertiary education system’s educational quality and enhancing its access could lead to diversification of economic sectors, accelerating its internationalization process. Besides that, Namibia has to face numerous challenges, including corruption, unemployment, and multidimensional poverty, that interact with its tertiary education system.