Sunday, July 21, 2024

Botswana’s Economy Hit Hard by Declining Global Diamond Demand

Botswana, whose economy heavily relies on diamond exports, faces significant financial challenges due to a downturn in global demand. Diamond exports, which constitute 80% of Botswana’s export revenue, are not expected to meet the country’s earlier growth target of 4.2% for this year. Innocent Molalapata, the central bank’s director of research and financial stability, highlighted the issue during an economic briefing reported by Reuters. “Considering the first half-year performance, unfavorable global economic conditions, and internal structural limitations, it is unlikely we will achieve our growth projection,” she said.

The Bank of Botswana reported a 25.1% decline in rough diamond sales, amounting to $3.44 billion, as of March 2023. Despite these setbacks, Botswana continues to hold the highest per capita GDP among sub-Saharan African nations, largely due to its diamond industry. This industry also funds universal free education for its 2.3 million citizens.

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