Diamond-rich Botswana’s GDP growth to slow to 3.5% in 2019, says IMF


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Diamond-rich Botswana’s GDP growth to slow to 3.5% in 2019, says IMF

Botswana, a resource-rich country with plenty of promises to proffer, had been grappling with one of its steepest economic downfalls in decades, as the International Monetary Fund, a sister-organization to World Bank accountable to foster global economic growth and cooperation, said on Wednesday, the 27th of November 2019, that, the economy of Botswana would be slowing down to a GDP (Gross Domestic Growth) growth of 3.5 per cent in 2019, down from an earlier projection of a 4.5 per cent in GDP growth.

In point of fact, latest downbeat comment regarding a sharply shrinking economy of Botswana, which had been one of the world’s fastest-growing economies thus far this year, comes over a string of droughts over the recent past alongside a weaker diamond export, as the diamond-rich, landlocked Southern African nation with a landscape better orchaestrated by the Kalahari Desert and the Okavango Delta having a million-year old biological history of evolution lying underneath its fossilized river valleys, had been failing to maintain its average growth of 5 per cent on an annualized basis this year, a sustained growth momentum which it continued since the era of great financial depression of 2007-2009.

Meanwhile, addressing to a significant risk lying ahead for Botswana, a nation which had been upholding one of the best anti-corruption records in Africa since 1998, IMF (International Monetary Fund said in a statement earlier on Wednesday (November 27th), “The outlook is subject to significant downside risks, including a global rise in protectionism, a faster-than-anticipated slowdown in China and in the euro area, and continued slow growth in South Africa. ”