The Ministry of Finance and Economic Planning has said the local economy is projected to lose approximately K56 billion in real GDP which translates to approximately K244 billion in nominal GDP if the coronavirus pandemic is contained by the second quarter of the 2020/2021 financial year.

In the National Economic Report released Monday, the ministry says accommodation and food services, transport and storage services, and agriculture, forestry and fishing would be the worst hit sectors.

The ministry says going into 2021, the picture of the sectoral losses is pretty much the same as that of 2020 as Accommodation and Food services, Transportation and Storage services and Agriculture activities continue to be the most affected sectors.

It says while some sectors register further GDP loss in 2021, Wholesale and Retail trade sector shows fast recovery following the containment of the Coronavirus.