{"id":23212,"date":"2022-06-25T15:12:42","date_gmt":"2022-06-25T15:12:42","guid":{"rendered":"https:\/\/www.africa-press.net\/namibia\/all-news\/yet-another-downgrade-for-namibia"},"modified":"2022-06-25T15:25:04","modified_gmt":"2022-06-25T15:25:04","slug":"yet-another-downgrade-for-namibia","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/namibia\/all-news\/yet-another-downgrade-for-namibia","title":{"rendered":"Yet another downgrade for Namibia"},"content":{"rendered":"<p><span style=\"color: #ff6600\"><strong>Africa-Press &#8211; Namibia. <\/strong><\/span><b>RATING agency Fitch has downgraded Namibia&#8217;s credit rating due to weak economic performance.<\/b><\/p>\n<p>In their latest statement, Fitch says the Namibian economy was estimated to have expanded by 2,4% in 2021, after contracting 7,9% in 2020.<\/p>\n<p>&#8220;This compares with &#8216;BB&#8217; median growth of 5,9% in 2021 after a contraction of 4,1% in 2020,&#8221; the statement released on Saturday said.<\/p>\n<p>According to Fitch, Namibia&#8217;s recovery was primarily driven by the mining sector, which in turn was supported by increased diamond, gold and uranium output.<\/p>\n<p>&#8220;Fitch expects growth to increase to 2,8% in 2022 and 3,1% in 2023, supported by additional increases in mining production and continued recoveries in secondary and tertiary industries,&#8221; the statement said.<\/p>\n<p>According to Fitch, the adverse impact of the war in Ukraine on global growth prospects and energy prices, as well as tighter global financing conditions, represent headwinds for the economy.<\/p>\n<p>&#8220;Moreover, the gradual nature of the recovery, partly explained by structural constraints on growth, will result in real GDP not recovering to the pre-pandemic level until 2024, and contribute to the rising trajectory in GG debt levels,&#8221; the rating agency said.<\/p>\n<p>Fitch said Namibia&#8217;s &#8216;BB-&#8216; IDRs also reflect external shocks.<\/p>\n<p>&#8220;Namibian exports increased by 1,4% in 2021, with diamonds accounting for 19% of total exports, followed by uranium and fish at 15% each. Despite increased export volumes, Namibia registered a current account deficit (CAD) equivalent to 9,2% of GDP (current account balance of 2,6% in 2020), given a steep rise in the import bill for petroleum fuels and lower transfers from the Southern African Customs Union, a key source of fiscal and external revenue.<\/p>\n<p>\u201cIn light of prolonged high oil prices, Fitch expects the CAD to widen further to 11,3% of GDP, more than triple the forecast 3% of GDP for the &#8216;BB median&#8217; in 2022 before narrowing to 6,8% in 2023,&#8221; the rating agency said.<\/p>\n<p><strong>For More News And Analysis About <a href=\"https:\/\/www.africa-press.net\/namibia\">Namibia<\/a> Follow <a href=\"https:\/\/www.africa-press.net\/\">Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Africa-Press &#8211; Namibia. RATING agency Fitch has downgraded Namibia&#8217;s credit rating due to weak economic performance. In their latest statement, Fitch says the Namibian economy was estimated to have expanded by 2,4% in 2021, after contracting 7,9% in 2020. &#8220;This compares with &#8216;BB&#8217; median growth of 5,9% in 2021 after a contraction of 4,1% in [&hellip;]<\/p>\n","protected":false},"author":84,"featured_media":23211,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,8,16],"tags":[234,236,233],"class_list":["post-23212","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","category-twitter","tag-africa-press","tag-africa-press-namibia","tag-namibia"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.1 (Yoast SEO v27.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Yet another downgrade for Namibia - Namibia<\/title>\n<meta name=\"description\" content=\"RATING agency Fitch has downgraded Namibia&#039;s credit rating due to weak economic performance. In their latest sta ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/namibia\/all-news\/yet-another-downgrade-for-namibia\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Yet another downgrade for Namibia\" \/>\n<meta property=\"og:description\" content=\"RATING agency Fitch has downgraded Namibia&#039;s credit rating due to weak economic performance. In their latest sta ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/namibia\/all-news\/yet-another-downgrade-for-namibia\" \/>\n<meta property=\"og:site_name\" content=\"Namibia\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2022-06-25T15:12:42+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-06-25T15:25:04+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/nambia\/sites\/29\/2022\/06\/postQueueImg_2-62b7286bd58c9.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"750\" \/>\n\t<meta property=\"og:image:height\" content=\"393\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/yet-another-downgrade-for-namibia#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/yet-another-downgrade-for-namibia\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Yet another downgrade for Namibia\",\"datePublished\":\"2022-06-25T15:12:42+00:00\",\"dateModified\":\"2022-06-25T15:25:04+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/yet-another-downgrade-for-namibia\"},\"wordCount\":305,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/yet-another-downgrade-for-namibia#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/nambia\/sites\/29\/2022\/06\/postQueueImg_2-62b7286bd58c9.jpg\",\"keywords\":[\"africa press\",\"Africa Press-Namibia\",\"namibia\"],\"articleSection\":[\"all news\",\"economy\",\"homepage-english\",\"twitter\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/namibia\/all-news\/yet-another-downgrade-for-namibia#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/yet-another-downgrade-for-namibia\",\"url\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/yet-another-downgrade-for-namibia\",\"name\":\"Yet another downgrade for Namibia - Namibia\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/yet-another-downgrade-for-namibia#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/yet-another-downgrade-for-namibia#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/nambia\/sites\/29\/2022\/06\/postQueueImg_2-62b7286bd58c9.jpg\",\"datePublished\":\"2022-06-25T15:12:42+00:00\",\"dateModified\":\"2022-06-25T15:25:04+00:00\",\"author\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"description\":\"RATING agency Fitch has downgraded Namibia's credit rating due to weak economic performance. In their latest sta ...\",\"breadcrumb\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/yet-another-downgrade-for-namibia#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.africa-press.net\/namibia\/all-news\/yet-another-downgrade-for-namibia\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/yet-another-downgrade-for-namibia#primaryimage\",\"url\":\"https:\/\/static.africa-press.net\/nambia\/sites\/29\/2022\/06\/postQueueImg_2-62b7286bd58c9.jpg\",\"contentUrl\":\"https:\/\/static.africa-press.net\/nambia\/sites\/29\/2022\/06\/postQueueImg_2-62b7286bd58c9.jpg\",\"width\":750,\"height\":393,\"caption\":\"Yet another downgrade for Namibia\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/yet-another-downgrade-for-namibia#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.africa-press.net\/namibia\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Yet another downgrade for Namibia\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/#website\",\"url\":\"https:\/\/www.africa-press.net\/namibia\/\",\"name\":\"Namibia\",\"description\":\"Just another Africa News Agency Sites site\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.africa-press.net\/namibia\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\",\"name\":\"cfeditoren\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/7417380fa9e23b5c57fdbfdaf3fdf92ee478f759a084addda5faa3732853e74a?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/7417380fa9e23b5c57fdbfdaf3fdf92ee478f759a084addda5faa3732853e74a?s=96&d=mm&r=g\",\"caption\":\"cfeditoren\"}}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Yet another downgrade for Namibia - Namibia","description":"RATING agency Fitch has downgraded Namibia's credit rating due to weak economic performance. In their latest sta ...","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.africa-press.net\/namibia\/all-news\/yet-another-downgrade-for-namibia","og_locale":"en_US","og_type":"article","og_title":"Yet another downgrade for Namibia","og_description":"RATING agency Fitch has downgraded Namibia's credit rating due to weak economic performance. In their latest sta ...","og_url":"https:\/\/www.africa-press.net\/namibia\/all-news\/yet-another-downgrade-for-namibia","og_site_name":"Namibia","article_publisher":"https:\/\/www.facebook.com\/AfricaPressTunisiaa","article_published_time":"2022-06-25T15:12:42+00:00","article_modified_time":"2022-06-25T15:25:04+00:00","og_image":[{"width":750,"height":393,"url":"https:\/\/static.africa-press.net\/nambia\/sites\/29\/2022\/06\/postQueueImg_2-62b7286bd58c9.jpg","type":"image\/jpeg"}],"author":"cfeditoren","twitter_card":"summary_large_image","twitter_misc":{"Written by":"cfeditoren","Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.africa-press.net\/namibia\/all-news\/yet-another-downgrade-for-namibia#article","isPartOf":{"@id":"https:\/\/www.africa-press.net\/namibia\/all-news\/yet-another-downgrade-for-namibia"},"author":{"name":"cfeditoren","@id":"https:\/\/www.africa-press.net\/namibia\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb"},"headline":"Yet another downgrade for Namibia","datePublished":"2022-06-25T15:12:42+00:00","dateModified":"2022-06-25T15:25:04+00:00","mainEntityOfPage":{"@id":"https:\/\/www.africa-press.net\/namibia\/all-news\/yet-another-downgrade-for-namibia"},"wordCount":305,"commentCount":0,"image":{"@id":"https:\/\/www.africa-press.net\/namibia\/all-news\/yet-another-downgrade-for-namibia#primaryimage"},"thumbnailUrl":"https:\/\/static.africa-press.net\/nambia\/sites\/29\/2022\/06\/postQueueImg_2-62b7286bd58c9.jpg","keywords":["africa press","Africa Press-Namibia","namibia"],"articleSection":["all news","economy","homepage-english","twitter"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.africa-press.net\/namibia\/all-news\/yet-another-downgrade-for-namibia#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.africa-press.net\/namibia\/all-news\/yet-another-downgrade-for-namibia","url":"https:\/\/www.africa-press.net\/namibia\/all-news\/yet-another-downgrade-for-namibia","name":"Yet another downgrade for Namibia - Namibia","isPartOf":{"@id":"https:\/\/www.africa-press.net\/namibia\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.africa-press.net\/namibia\/all-news\/yet-another-downgrade-for-namibia#primaryimage"},"image":{"@id":"https:\/\/www.africa-press.net\/namibia\/all-news\/yet-another-downgrade-for-namibia#primaryimage"},"thumbnailUrl":"https:\/\/static.africa-press.net\/nambia\/sites\/29\/2022\/06\/postQueueImg_2-62b7286bd58c9.jpg","datePublished":"2022-06-25T15:12:42+00:00","dateModified":"2022-06-25T15:25:04+00:00","author":{"@id":"https:\/\/www.africa-press.net\/namibia\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb"},"description":"RATING agency Fitch has downgraded Namibia's credit rating due to weak economic performance. In their latest sta ...","breadcrumb":{"@id":"https:\/\/www.africa-press.net\/namibia\/all-news\/yet-another-downgrade-for-namibia#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.africa-press.net\/namibia\/all-news\/yet-another-downgrade-for-namibia"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.africa-press.net\/namibia\/all-news\/yet-another-downgrade-for-namibia#primaryimage","url":"https:\/\/static.africa-press.net\/nambia\/sites\/29\/2022\/06\/postQueueImg_2-62b7286bd58c9.jpg","contentUrl":"https:\/\/static.africa-press.net\/nambia\/sites\/29\/2022\/06\/postQueueImg_2-62b7286bd58c9.jpg","width":750,"height":393,"caption":"Yet another downgrade for Namibia"},{"@type":"BreadcrumbList","@id":"https:\/\/www.africa-press.net\/namibia\/all-news\/yet-another-downgrade-for-namibia#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.africa-press.net\/namibia\/"},{"@type":"ListItem","position":2,"name":"Yet another downgrade for Namibia"}]},{"@type":"WebSite","@id":"https:\/\/www.africa-press.net\/namibia\/#website","url":"https:\/\/www.africa-press.net\/namibia\/","name":"Namibia","description":"Just another Africa News Agency Sites site","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.africa-press.net\/namibia\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.africa-press.net\/namibia\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb","name":"cfeditoren","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.africa-press.net\/namibia\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/7417380fa9e23b5c57fdbfdaf3fdf92ee478f759a084addda5faa3732853e74a?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/7417380fa9e23b5c57fdbfdaf3fdf92ee478f759a084addda5faa3732853e74a?s=96&d=mm&r=g","caption":"cfeditoren"}}]}},"_links":{"self":[{"href":"https:\/\/www.africa-press.net\/namibia\/wp-json\/wp\/v2\/posts\/23212","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.africa-press.net\/namibia\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.africa-press.net\/namibia\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.africa-press.net\/namibia\/wp-json\/wp\/v2\/users\/84"}],"replies":[{"embeddable":true,"href":"https:\/\/www.africa-press.net\/namibia\/wp-json\/wp\/v2\/comments?post=23212"}],"version-history":[{"count":0,"href":"https:\/\/www.africa-press.net\/namibia\/wp-json\/wp\/v2\/posts\/23212\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.africa-press.net\/namibia\/wp-json\/wp\/v2\/media\/23211"}],"wp:attachment":[{"href":"https:\/\/www.africa-press.net\/namibia\/wp-json\/wp\/v2\/media?parent=23212"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.africa-press.net\/namibia\/wp-json\/wp\/v2\/categories?post=23212"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.africa-press.net\/namibia\/wp-json\/wp\/v2\/tags?post=23212"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}