DailyEconomic – The IMF predicts that the economic growth of the African country Botswana will only be 1% in 2024 due to the decline in global diamond market demand.
Luc Eyraud, director of the IMF’s Africa Department, said that Botswana’s economic decline has begun in 2023, with the growth rate falling from 5.5% in 2022 to 2.7% in 2023, and is expected to be about 1% in 2024.
Eyraud said that the decline in global market demand for rough diamonds is the main reason for the decline in the country’s diamond trade and mining industries. The decline of the pillar industry has led to Botswana’s economic downturn.