Botswana, heavily dependent on diamond exports accounting for 80% of its export revenue, reports economic strain due to reduced global demand. The country may not achieve its earlier target of 4.2% economic growth this year, stated Innocent Molalapata, the central bank's director of research and financial stability, during an economic briefing cited by Reuters. "Based on the first half-year performance and unfavorable global economic conditions, along with internal structural limitations, it is unlikely that we will meet our growth projection," she remarked.
In 2023, rough diamond sales declined by 25.1% to $3.44 billion, according to data from the Bank of Botswana released in March. Despite these challenges, Botswana maintains the highest per capita GDP among African nations south of the Sahara, primarily supported by its diamond industry, which enables universal free education for its 2.3 million citizens.
