Namibia’s central bank expects the economy to grow by 1.5 percent in 2021, a revision from a 1.4-percent forecast in August, the bank said in a statement Friday.
“The projected improvements are mainly due to base effects and better growth prospects for the mining industry and most industries in the tertiary sector,” said the bank.
For 2022 and 2023, the bank forecasts a growth of 3.3 percent and 4 percent, respectively.
“Risks to domestic growth remain dominated by the impact of the COVID-19 pandemic, but also include persistently low international prices for some of Namibia’s export commodities, and climatic swings,” the bank added.
According to the bank, risks to domestic growth are also dominated by travel restrictions that are still in place for many countries exacerbated by new waves of coronavirus infections, and the pace of vaccination in Namibia.