Bank of Namibia Governor, Johannes !Gawaxab has said the COVID-19 vaccination policy is the only economic policy needed to help the country’s economy recover post-COVID-19.
!Gawaxab, while addressing a public lecture held under the theme ‘How Namibia stacks up amid the impact of COVID-19’ at the University of Namibia Southern campus on Thursday, said for tourists to start coming into the country, Namibians need to step up the game in terms of vaccination.
“For tourists to come to Namibia we need to vaccinate more of our people, this will improve our living conditions as our mothers and brothers in the tourism industry will earn an income. It is in our best interest to get vaccinated,” he said.
He said while Namibia made steady progress over the past three decades in reducing income inequality, poverty and improving the quality of life for most Namibians, the COVID-19 pandemic undid all government’s good deeds.
“The COVID-19 pandemic has undone all the good progress made by countries around the globe, it has destroyed good gains, it is not only a Namibian problem and we cannot blame anyone,” he said.
The BoN governor was however quick to say that all hope is not lost and the country can still recover post-COVID-19 as there are several promising projects and initiatives to reinvigorate growth.
“Continuous reforms and better macroeconomic management coupled with investments and adapting to a changing landscape are inevitable and crucial to secure recovery going forward. Building on its strong points, Namibia can emerge from the constraints posed by COVID-19 and address its challenges with urgency and resolve. A return to vibrant growth is in sight,” stressed !Gawaxab
He added that overall, the country’s real Gross Domestic Product contracted by 8.5 per cent in 2020, with the worst-hit sector being hotels and restaurants, shrinking by 31.2 per cent.
“The economy is only expected to recover gradually during 2021 by 1.4 per cent, then improve to a 3.4 per cent growth rate in 2022,” said !Gawaxab.
He further noted that about 13 000 people were retrenched during 2020 and the first half of 2021 as a direct consequence of the pandemic, exacerbating the precarious unemployment situation in the country.
Source: The Namibian Press Agency
