Over 15 000 people retrenched

• By Tracy Tafirenyika and Terence Mukasa

As Fitch downgraded Namibia’s credit rating due to poor economic performance, the country has suffered job losses of 16 000 and shut down of 815 businesses.

After Covid-19 pandemic ravaged the economy , Namibia has recorded a staggering number of 15 527 people that lost their jobs in a period of only two years, while 815 companies were deregistered in 2020 alone, Confidente has established.

The tourism and hospitality industry suffered the harshest casualty with a total of 4 401 jobs lost compared to the electricity industry that recorded 8 jobs lost over the past two years.

The Khomas reion, Erongo, Otjozondjupa recorded the highest number of retrenched people.

The worst economic conditions, ever faced since independence, continue to pile pressure on Namibia, as the rating agency, Fitch warns that the country will be under pressure  to generate sufficient earnings in order  to service its mounting national debt, which is predicted to climb to N$140 billion by the end of the current financial year.

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