Namibia to launch economic recovery plan next February

0
139
FILE PHOTO: Hage Gottfried Geingob, president of Namibia, looks on during a session of the World Economic Forum on Africa in Cape Town, South Africa, September 5, 2019. REUTERS
FILE PHOTO: Hage Gottfried Geingob, president of Namibia, looks on during a session of the World Economic Forum on Africa in Cape Town, South Africa, September 5, 2019. REUTERS

Namibia is expected to launch a recovery plan next February aimed to revive the economy that is struggling from the effects of COVID-19, President Hage Geingob said Tuesday.

Speaking at the last decision-making cabinet of the year, Geingob said it was crucial for the country to revive the economy.

“We must revive the economy. We must create jobs for our young people in the critical sectors, which include the present-day green and blue economies. We must deliver better services to our people. These are vital undertakings,” he said.

Geingob said a safe and peaceful environment is central to the country’s development and survival.

“Our success depends on our ability to work harder and smarter in unison and not in silos. Peace, stability, and rule of law are conditions sine qua non for development to take place,” he said.

According to the Bank of Namibia, the country’s domestic economy is estimated to contract by 7.8 percent in 2020 compared to a lesser contraction of 1.1 percent in 2019.

Leave a Reply