Botswana edges closer to recession

Friday, May 15, 2009

Despite massive effects of the current global economic crisis on Botswana's diamonds, the country is not yet in recession but it is edging closer.

Speaking at the release of the Bank of Botswana's 2008 Annual Report, Head of Research, Andrew Motsumi, said that according to the latest figures from the Central Statistics Office (CSO), Botswana's GDP was at 2.9 percent in the last quarter of 2008, meaning that the country was still enjoying positive economic growth.

Technically a country can be said to be in recession when it goes through two financial quarters of negative growth.

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