Namibia’s economy recorded the largest contraction on record during 2020, with the economy contracting by 11.1 percent year-on-year, as a result of the Coronavirus pandemic, FirstRand Namibia economist Ruusa Nandago has said. Nampa reports that Nandago in a media statement on Wednesday said there was a major disruption to economic activity as all but three sectors declined during this period, with the hotels and restaurant sector the hardest hit. The economist is quoted as saying that “The slowdown in the economy is also reflected in the labour market, where widespread job losses were reported during the same period as the pandemic dealt a blow to businesses. The second quarter saw 5 748 retrenchments being recorded as companies either closed or engaged in right-sizing to cut costs at a time where revenue was falling”.