Namibia forecasts deeper economic contraction in 2019

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Windhoek, Namibia's Capital City.

The Bank of Namibia says it expects the domestic economy to fall into a deeper contraction of 1.7% during 2019, down from its initial estimate of 0.3% positive growth in April.

The central bank said the economy was expected to recover to positive growth of 0.8% and 1.2% in 2020 and 2021, respectively.

The projected 1.7% contraction of 1.7% for 2019 represents a further deterioration from a mild contraction of 0.1% in 2018, according to preliminary estimates by the Namibia Statistics Agency.

Peace PIAK