The High-Level Panel on the Namibian economy forecasts that the domestic economy could recover in the next 12 months.
The 22-member panel which draws its expertise from different fields including business, however, warned external shocks in the global economy could become a threat to the forecasted recovery.
In Namibia, 44 per cent of young people are unemployed and there is mounting pressure on Government institutions and departments to provide employment opportunities for them.
The Social Security Commission (SSC) says the weakened state of the economy has had a negative impact on its revenues, which heavily rely on companies paying their employee monthly contributions.
This comes amid reports of increased job losses in the Namibian economy, with the Ministry of Labour reporting 236 jobs having been lost from April to the end of June and statistics released by the Employme
The Bank of Namibia (BoN) says itis worried by the continued rise in the amount of personal loans by Namibians to supplement their incomes and lifestyles, with currently levels according to its estimates standing at 84-85 percent of income.