Namibia has enjoyed peace, stability, and democracy since gaining independence in 1990, and it is widely seen as having a well-managed economy. The government has taken a conservative approach to fiscal policy and debt, enabling its debt to receive investment-grade ratings from Fitch and Moodys. Inflation has usually remained within the band of 3.0-7.0 percent during the past decade. Policies and regulations are generally favorable to private sector investment. GDP has grown at an average annual rate of 4.2 percent since Independence and at 5.7 percent per year since 2000.