1 September 2023
APA-Gaborone (Botswana) Botswana’s economic growth is forecast to slow to 3.8% in 2023 on the back of a projected decline in diamond production before picking up over the following two years, the International Monetary Fund (IMF) said on Friday.
In a statement following the conclusion of consultations with the Gaborone authorities, the executive board of the Bretton Woods institution noted that Botswana’s economy is expected to continue with a downward spiral that started in 2022 when growth declined to 5.8% from almost 12% the previous year.
“Botswana’s growth is expected to slow to 3.8% in 2023 due to the projected decline in diamond production and the weaker global environment,” the IMF board said.
It added: “Growth is forecast to rebound gradually in 2024 and 2025 to above 4% due to higher prices and quantities of diamonds produced.”
The fund said Botswana’s inflation, which has declined sharply since August 2022, is seen remaining within the central bank’s target range of 3-6%.
Source: https://apanews.net/botswana-economic-growth-to-slow-to-3-8-percent-in-2023-imf/
