https://en.sputniknews.africa/20250118/botswanas-economy-poised-for-2025-rebound-driven-by-global-diamond-market-recovery-1070235352.html
Botswana's Economy Poised for 2025 Rebound Driven by Global Diamond Market Recovery
Botswana's Economy Poised for 2025 Rebound Driven by Global Diamond Market Recovery
Sputnik Africa
The country's heavy reliance on diamond exports led to reduced government spending as diamond sales weakened throughout 2024. Debswana, a joint venture between... 18.01.2025, Sputnik Africa
2025-01-18T10:10+0100
2025-01-18T10:10+0100
2025-01-18T17:10+0100
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Botswana anticipates a 3% to 4% economic growth in 2025, following a contraction in 2024, according to a senior government official speaking at a budget workshop. This projected rebound is attributed to an expected recovery in the global diamond market, combined with continued growth in non-mining sectors.While the economy contracted by 3.3% in the first three quarters of 2024, exceeding the December forecast of a 1.7% contraction, officials are optimistic about the coming year.Looking ahead, the government of Botswana expects recovering mineral revenues to shrink the budget deficit from a projected 6.75% of GDP in 2024/25 to 3.6% in 2025/26. The official 2025/26 national budget will be presented by Finance Minister Ndaba Gaolathe in February.
https://en.sputniknews.africa/20241213/ai-breakthrough-unveils-new-diamond-prospects-in-botswana-1069700182.html
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economy, botswana, southern africa, diamonds, export, economic growth, gdp
economy, botswana, southern africa, diamonds, export, economic growth, gdp
Botswana's Economy Poised for 2025 Rebound Driven by Global Diamond Market Recovery
10:10 18.01.2025 (Updated: 17:10 18.01.2025) Muhammad Nooh Osman
Writer/Editor
The country's heavy reliance on diamond exports led to reduced government spending as diamond sales weakened throughout 2024. Debswana, a joint venture between the Botswanan government and De Beers, also lowered its 2024 production guidance.
Botswana anticipates a 3% to 4% economic growth in 2025, following a
contraction in 2024, according to a senior government official speaking at a budget workshop.
This projected rebound is attributed to an expected recovery in the global diamond market, combined with continued growth in non-mining sectors.
"The domestic economy is anticipated to rebound in 2025 to a growth of 3-4%, reflecting a combination of base effects, the global recovery in the major diamond export markets and continued growth in the non-mining sector," director of macroeconomic policy in the finance ministry, Walter Matekane.
While the economy contracted by 3.3% in the first three quarters of 2024, exceeding the December forecast of a 1.7% contraction, officials are optimistic about the coming year.
Looking ahead, the
government of Botswana expects recovering mineral revenues to shrink the budget deficit from a projected 6.75% of GDP in 2024/25 to 3.6% in 2025/26. The official 2025/26 national budget will be presented by Finance Minister Ndaba Gaolathe in February.
