**Abstract**

This chapter consists of two parts. In the first theoretical part, economic culture and economic performance are presented. Economic performance and development of market economy institutions depend on many factors. It became evident that economic and cultural factors play an important role. There is a lot of evidence that this role has been underconceptualized and analytically-experimentally underexploited. In the second empirical part, authors dive into the complex topic of Namibia's cultural changing process, combined with its economic development. Such development is only traceable if the historic cornerstones of the nation (e.g., colonization, genocide, apartheid, foreign administration, and independence) are taken under consideration. The emerging social and economic challenges, e.g., poverty, gender, and social inequalities as well as unemployment, will be monitored. To describe Namibia's economic development, several indices, for instance, *foreign direct investment*, *gross domestic product*, and *Hofstede six-dimension model*, will be applied. Furthermore, indices of Namibia's cultural development (*CDIS*) will be presented and analyzed. While demonstrating Namibia's significant cultural and economic aspects, perspectives in regard to the well-being of the next generations are incorporated.

**Keywords:** cultural development, economic development, FDI, GDP, Namibia's economy, sustainable economic development, unemployment

## **1. Introduction**

Economic performance and development of market economy institutions depend on many factors. It became evident that economic and cultural factors play an important role. There is a lot of evidence that this role has been under-conceptualized and analytically-experimentally underexploited.

The sub-Saharan African country Namibia is a prime example of a country with diverse and extraordinary nature and culture but one that must overcome challenges. As a result of numerous drastic events in the past and the country's recent national independence, Namibia's government is facing several cultural and economic difficulties. Every 4–6 years a new *National Development Plan* (*NPD*) appears from the domestic government with different focuses. At this point of time, the fifth *NPD* has been introduced, describing the main goal in working together toward prosperity [1]. Similar goals have been recognized by the *World Bank* in 2019, stating that Namibia is facing three major long-term objectives: the combatting of inequality, unemployment, and poverty within the nation. These are formally known as the *triple challenge* [2].
