Botswana’s economy growth projected to drop to 3.8 percent in 2023

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The International Monetary Fund (IMF) on Friday said Botswana’s economic growth is expected to slow to 3.8 percent in 2023 due to a projected decline in diamond production.

The anticipated economic drop comes after Botswana’s economy grew by 5.8 percent in 2022, above the long-run average of 4 percent.

“Growth is forecast to rebound gradually in 2024 and 2025, to above 4 percent, due to higher prices and quantities of diamonds produced before picking up over the following two years,” said IMF’s Communications Officer Pavis Devahasadin in a statement.

The IMF welcomed Botswana’s prudent macroeconomic policies and strong recovery from the pandemic. However, the IMF bemoaned the continued decline in external and fiscal buffers and the expected depletion of diamond reserves in the coming decades.

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