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    • 6 days ago

Botswana's economy hit by diamond slump


Botswana, which relies on diamonds for 80 per cent of its export revenue, says its economy is being hit by a global slump in demand.


The country may fall short of a target set earlier this year for the economy to grow by 4.2%, Innocent Molalapata, the central bank's director of research and financial stability, told an economic briefing. The International Monetary Fund (IMF) has projected Botswana’s economy to grow by a more modest 3.6% in 2024.


"From what we have seen in the first half of the year, unfavourable global economic conditions as well as domestic structural constraints, one would expect that we are unlikely to attain the projected economic growth," said Innocent Molalapata.


Rough diamond sales in 2023 fell by just over a quarter (25.1 per cent) to $3.44bn, according to figures released by the Bank of Botswana in March.




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