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Our initial growth forecast for '26 sat at 2.8%, on the expectation that a recovering primary sector and steady household demand would carry the year. Our view, however, has been overtaken by external shocks, namely an oil shock out of the Middle East, a foot-and-mouth outbreak in the region (no cases recorded in Namibia) and a looming super El Niño. Additionally, internal conditions have become increasingly constrained. As such, we have revised '26 real GDP growth down to a sobering 1.9%.