Namibia's economy projected to contract by 7.8 pct in 2020
Source: Xinhua | 2020-10-22
Namibia's domestic economy is projected to contract by 7.8 percent in 2020 before a moderate recovery of 2.1 percent in 2021, central government governor Johannes Gawaxab said on Wednesday.
The contraction was mainly reflected in sectors such as mining, manufacturing, tourism, wholesale and retail trade as well as transport and storage, he said, citing data from the first eight months of the year.
However, "activity in the telecommunication and local electricity generation subsectors improved during the same period."
The Monetary Policy Committee has decided to keep the repo rate unchanged at 3.75 percent, Gawaxab said.
"This decision was taken following a review of global, regional and domestic economic and financial developments," he said.
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