SECTOR | Namibian Banking Sector Review
2020 will in all likelihood be looked back on as the world’s Annus Horribilis. The global pandemic has wreaked havoc on both lives and livelihoods, with the global fatalities attributed to the COVID-19 exceeding 1.3 million. Although the virus has inflicted a high human cost, efforts to curtail its spread including closing borders and limiting business activity, have had a devastating effect on the world’s economy, which is expected to decline by roughly 4.4% according to World Bank and IMF estimates. Measures put in place to curb the spread of COVID-19 have had a continued effect on global travel and tourism, putting the livelihoods of millions under serious pressure.
