Namibia’s economy is expected to contract by 6.9 percent in 2020, following a milder contraction of 1.1 percent in 2019, the central bank said Tuesday,
The Bank of Namibia (BoN) in an Economic Outlook Update for April 2020 said Namibia’s economy is expected to contract substantially during 2020, due to COVID-19 induced travel restrictions and lockdown.
“The domestic economy is projected to contract by 6.9 percent in 2020 before recovering moderately to a positive growth rate of 1.8 percent in 2021,” the central bank said.
According to the BoN, risks to domestic growth are currently dominated by uncertainty regarding the expected duration and final impact of COVID-19 on the economy.
“Risks to domestic growth are dominated by ongoing travel restrictions and causing disruptions to supply. Other risks to domestic growth and outlook include the volatile and persistently low international prices of some of Namibia’s export commodities,” according to the central bank. Enditem