IMF expects weaker growth due to diamond output drop

Monday, July 17, 2023 | 700 Views |

Heart of the economy: Jwaneng Mine is the world's most valuable diamond mine PIC MORERI SEJAKGOMO

A projected decline in diamond production and weaker global environment will weigh on the performance of the economy this year, an update released by the International Monetary Fund (IMF) says.

An IMF team, led by Luc Eyraud, division chief in the IMF African Department, visited Gaborone between July 4 and 14 and held discussions with various monetary and fiscal authorities.

In a statement made available after the visit, Eyraud said the local economy was expected to grow by 3.8% this year on account of the lower diamond output and weaker global economy. The projection is marginally higher than the 3.7% forecast for Botswana by the IMF in its April World Economic Outlook, but lower than government’s own expectations of four percent growth this year.

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