Namibia's economy estimated to contract by 7.8 pct in 2020: central bank
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E-mail Xinhua, August 18, 2020
WINDHOEK, Aug. 18 (Xinhua) -- Namibia's domestic economy is expected to fall into a deeper contraction during 2020, followed by a moderate recovery in 2021, according to the central bank on Tuesday.
The domestic economy is estimated to contract by 7.8 percent in 2020 compared to a lesser contraction of 1.1 percent in 2019, the Bank of Namibia (BoN) economic outlook for August released Tuesday said.
"The estimated deeper contraction during 2020 is mainly attributed to the outbreak of the COVID-19 pandemic, which has led to travel restrictions across the world and lockdowns in many countries, including Namibia," BoN said.
According to the central bank, the most affected sectors include hotels and restaurants, mining, transport and storage, manufacturing, and construction.
The Namibian economy is, however, projected to recover to growth rates of 2.1 percent and 2.7 percent in 2021 and 2022, respectively, the central bank added. Enditem
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