COVID-19 pandemic uncertainty a risk to domestic growth – outlook
The domestic growth is currently at risk and dominated by the COVID-19 pandemic, especially through uncertainty regarding its expected duration, the country’s central bank said.
The central bank Tuesday in an economic outlook said the risks to domestic growth are dominated by ongoing travel restrictions that are in place for many countries, including Namibia.
“Such measures are restricting business activities and causing disruptions to supply. Other risks to domestic growth outlook include the persistently low international prices of Namibia’s export commodities, and adverse climatic conditions,” the Bank of Namibia (BoN) said.
Meanwhile, the central bank in the outlook said the latest overall growth projection of -7.8 percent for 2020 represents a downward revision from -6.9 percent published in the April 2020 Economic Outlook Update.
“Year-to-date information about economic activity for 2020 suggests that estimated contractions in hotels and restaurants, mining, agriculture and manufacturing on account of COVID-19 pandemic are likely to be weaker than earlier predicted,” BoN concluded.