IMF trims forecast for Botswana economy

At the helm: Finance Minister, Peggy Serame, expects the economy to expand by four percent this year PIC: PHATSIMO KAPENG
At the helm: Finance Minister, Peggy Serame, expects the economy to expand by four percent this year PIC: PHATSIMO KAPENG

The International Monetary Fund (IMF) expects the local economy to grow by 3.7 percent this year, a lukewarm level which is also below the four percent projection the institution made last October.

The forecast is contained in the latest edition of the IMF’s World Economic Outlook (WEO), which contains updates of the institution’s projections from the October edition.

The IMF’s latest forecast for Botswana in the 2023–2024 fiscal year is slightly above the average of 3.6 percent expected for sub-Saharan Africa and comfortably ahead of both the averages for SADC and the Southern African Customs Union. In the Southern Africa region, the IMF’s forecast for Botswana’s growth in 2023–2024 is the fourth highest after Mozambique, Mauritius, and Zambia. By comparison, South Africa is expected to grow by 0.1 percent, while other neighbours such as Namibia and Zimbabwe will expand by 2.8 percent and 2.5 percent respectively.


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