Positive growth expected by mid-2021
Out of the 16 sectors of Namibia’s economy, only the agriculture, health and information technology showed positive growth in the second quarter of 2020.
Namibia’s economy is expected to rebound to a positive growth only by mid-2021, Bank of Namibia deputy director of macro models and financial stability, Postrick Mushendami has said.
Speaking on expected Namibia economic growth of 2020/21 at the Covid-19 centre in Windhoek on Tuesday, Mushendami said the economy will take time due to sectors such as agriculture, tourism and construction being severely affected by the ongoing pandemic.
“We are more likely to see a bounce back of the economy by 7% mid-next year. The Bank of Namibia projected the economy is likely to rebound next year, and we hope that it does, we expect positive growth,” he said.
Speaking at the same event, economist at Twilight Capital Consulting, Mally Likukela said that what really affected the economy is not Covid-19 but the measures and restrictions that were put in place.
“Measures that were put in place such as the closure of borders and movement of people are part of what affected the economic slowdown. The tourism and travel sector contracted by close to 64 percent.
This is a massive contraction compared to the second quarter of last year. Such contraction should not only be looked at by the number that it carries but also the consequences,” he said.
He noted that because of shutting of businesses in the tourism and travel sector, loss of jobs and loss of income have been observed over the past few months.- Nampa
Speaking on expected Namibia economic growth of 2020/21 at the Covid-19 centre in Windhoek on Tuesday, Mushendami said the economy will take time due to sectors such as agriculture, tourism and construction being severely affected by the ongoing pandemic.
“We are more likely to see a bounce back of the economy by 7% mid-next year. The Bank of Namibia projected the economy is likely to rebound next year, and we hope that it does, we expect positive growth,” he said.
Speaking at the same event, economist at Twilight Capital Consulting, Mally Likukela said that what really affected the economy is not Covid-19 but the measures and restrictions that were put in place.
“Measures that were put in place such as the closure of borders and movement of people are part of what affected the economic slowdown. The tourism and travel sector contracted by close to 64 percent.
This is a massive contraction compared to the second quarter of last year. Such contraction should not only be looked at by the number that it carries but also the consequences,” he said.
He noted that because of shutting of businesses in the tourism and travel sector, loss of jobs and loss of income have been observed over the past few months.- Nampa
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