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IMF shaves Botswana’s economic growth estimate

Friday, April 22, 2022 | 3210 Views |

Uncertain times: De Beers has adopted a “cautious and watchful” attitude to its second quarter performance due to the war in Ukraine. While Botswana could potentially benefit from sanctions on Russia’s diamonds, lower global growth as a result of the war could dampen consumer appetite for the precious stones PIC: MORERI SEJAKGOMO

The International Monetary Fund (IMF) now expects the local economy to grow by 4.3 percent this year, down from a projection of 4.7 percent, amidst warnings that global growth will be hampered by Russia’s invasion of Ukraine.

The latest projections are contained in the IMF’s World Economic Outlook (WEO) released on Tuesday and follow from the October WEO. The IMF’s latest forecast is the same level that the Finance and Economic Development ministry projected in February during the Budget Speech.

While IMF analysts did not provide details on the revision for Botswana, the WEO indicates that the global economy will come under pressure from the impact of the Ukraine war as well as COVID-19 lockdowns in China.

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