Namibia’s GDP should contract further this year due to low rainfall and a decrease in diamond production, the IMF indicated on May 5, 2019, without key figures.

The institution, however, explained that the country’s economy would resume with growth in 2020.

According to Geremia Palomba, head of a mission of experts sent by the IMF in Windhoek, in the long-term, Namibia’s economy will progressively move towards a 3% average yearly growth.

Let’s note that in April 2019, Bank of Namibia announced that the country’s GDP should grow by 0.3% this year after two consecutive contractions in 2017 and 2018.